I think PFE needs to aggressively buy back shares to exploit the under-leveraged balance sheet. Having a fat dividend is nice but they can and should do more, IMO.
As an investor, Pfizer's largets drug Lipitor is coming off patent in 2011 and their revenues are going to fall off of a cliff. They have nothing to make up for that and they have spent money on terrible purchases that probably will not bear fruit.
I wouldn't buy the stock so the only reason the company would do that is to support the stock price but that is a bad reason. A company should only buy back its stock if their money couldn't be better spent doing something else with it.