Innovation not a priority, but a solid company.
Pros
Solid company, will be around for the next 10 - 20 years. Lots of places to find a niche. Lots of locations worldwide, wide variety of software and hardware positions. Flexible work hours, telecommuting, easy to stay connected 24 x 7. Highly educated workforce, lots of very smart people to hang out with and learn from. Market leader in many many categories. Free popcorn and drinks. Engineers have access to state of the art computers, labs and networks, and access to some of the biggest customers in the world, you wouldn't have this level acceptance working for a startup or a mid-level company.
Cons
It is a large company. 2001 brought some tough downsizing but there are still a lot of people failing to live up to their potential. This is mostly due to incompetent middle management on average, folks who have gotten promoted because they've stuck around for a long time and will put up with the crap that goes on with politics and maneuvering. No more HR department, the first and second level managers are expected to "do it all", lead the way, set the example and motivate and train as well as be de facto technical leads and pollinate projects across groups and locations.