Pros
I've worked there as an intern and they generally take good care of their coops, the pay is good and its not super-difficult to get hired, they offer good benefits to their interns too, if that is important to you. If things work out with the group you work for, it can be easy to get a job there after you graduate. They have a nice new environmentally sound green campus in Austin with killer views and good facilities. The gym is nice and well-equipped and the staff is helpful. The other cool thing about AMD is that they have lots of great charity-type programs, including 50x15, if that is your sort of thing. Oh, and they have tons of garage parking.
Cons
The group that actually manages the intern program means well, I'm sure, but they don't really connect with and support interns very well, they just kind of throw you at your group and say "see you in a few months". There doesn't seem to be a big focus on really helping interns find what is interesting and fulfilling as a career path. Their new campus in Austin is way out in the middle of nowhere, it's not convenient to anything the way the old campus on Ben White was. The place is run by and for engineers, which don't always make great leaders or managers. Interns don't have any way to see where they fit in to the organization overall.