Pros
Wal-Mart tends to have open communication with thier associates. Even as someone on the bottom of the career ladder, I feel that I am always well informed of whats going on within the company. ( This is made a lot easier with use of the internet, and the Wal-Mart Wire)
Cons
A downside of Wal-Mart, as a sales associate, is that its very hard to feel satisfied with the job you have done that day. There is always more to do. Ofcourse this depends on the department you work in. I have also felt at times that there are to many bosses. You must answer to your dept manager, your assistant manager, your co-manager...and the list goes on. It often feels that you are pulled in to many directions at once, and that one hand doesn't know what the other is doing. The biggest downfall for me has been what I see as a lack of opportunity for advancement. Wal-Mart promotes that they advance from within, which I have seen, however I have also seen people brought in from outside the company. And in my store people tend to stick around for years, even if its only a dept manager position. Dept manager is the first stepping stone if you want to move up the ladder, though these positions are rarely open.