Pros
It's clean office work and you can, often, get the opportunity to work from home. Salaries are consistent if slightly low. The bad economy makes these seem more attractive; not my preferred rationale, but a practical one. The overall compensation package is good. There is above average job security for sure. People are rarely fired. It's mostly through layoffs.
Cons
There is very little in the way of innovative work. Lack of direction leads to a real mess in the work place. Salaries are NOT all that great and GE is a management company. There are no separate but equal career paths here. Work is typically unchallenging and boring. All the standard flaws associated with large corporations apply. It's not a total Dilbert-ville, but there is a lot of poor decision making. A lot of the higher up managers and executives don't appear to have any real business sense. To listen to their meetings is to "suffer fools". Salaries are only attractive because of the bad economy.