Pros
Excellent brand name recognition - you won't have to explain to anyone where you work or have worked if you decide to move on. Very good benefits - not as good as they used to be but medical and other costs are going up for everyone. Corporate culture breeds pride in the company and most employees bleed purple for it. Work/life balance. Fairly stable job situation even when times are not so good. Fred Smith founded the company and built everything from the ground up. This really means something, you have to find out for yourself. Regardless of the downsides listed, this review is a definite net positive. I highly recommend FedEx as a good place to work.
Cons
Bonuses and other compensation lopsidedly favor the people on top. Most of the management chain of command is often more focused on producing numbers and reports and looking good to the people above them. In IT disagreement with directives from higher up are discouraged - people in such positions "retire early" or "leave to pursue other opportunities"; this results in no negative feedback ever going up the chain for improvements and reduction of waste and overhead. Needless to say, everything that comes down from the CIO "succeeds". The company relies heavily Fred Smith's [excellent] business sense & judgment. When he leaves, there are very, very few in this company's upper echelons that can replace him with any probability of success. The most likely scenario when he retires is a slow but inevitable downward spiral and FedEx will be another corporate machine run on numbers. Company is still extremely dependent on the state of the economy & price of oil.