Pros
Wonderful co-workers. Some of the smartest people in the world work here! Teams vary, but the majority of them from my experience are very friendly and working together to innovate. Benefits are pretty good. They try to keep them on-par with comparable companies. 401k match is pretty low, but medical is good. Work/life balance is nice. I am able to work from home when needed provided I am getting my work done. This is as it should be.
Cons
Cost-cutting measures end up costing more than they cut (in terms of man-hours and employee morale). Cares more about stock price than anything. New head of HR has been taking real steps to turn this attitude around and try to engage employees and work towards solutions. With the recent buyout by Avago, and looking at their reviews here, I see her efforts may be wasted. I hope that is not the case. Morale has been taking constant hits due to layoff after layoff (previous acquisitions) and now more seem to be looming with the recent Avago deal. We've lost a lot of good people to competitors this past year or so.