Pros
GE is a large company run much like a collection of small business. In theory, the diverse spread of GE businesses should make it relatively immune from the ups and downs of any particular market, however since Jack Welsh left, that does not seem to be the case. Aviation is a high tech business and the split between commercial and military programs again should offer protection from short term ups and downs. GE still offers competitive salaries.
Cons
In the past 30+ years, it is my opinion that the company has been going down hill. There is too much emphesis on politics and meeting short term (and short sighted) initiatives and not enough emphesis on long term experience, performace and loyalty. EVERYTHING is measured, primarily through obsolete Six Sigma methodology. (Six Sigma worked fine for ten years, but there is only so much water you can squeeze from a rock.) You can expect a good paying job that will have intense pressure and measurments that you probably can't meet. Loyalty is no longer appreciated. I've been there over 30 years, but if you're just starting out, you won't come anywhere close to that.