Pros
Working on cutting-edge technology, with smart and diligent coworkers. Note that my position is in a more "central" department within the company, and is therefore more rewarding. I do note that a few more experienced employees here seem somewhat disillusioned with their work, but they work in supporting departments. Otherwise most people here are very focussed, and don't waste much time at work on trivialities. Intel somehow manages to make thousands of engineers work in a more-or-less coordinated fashion on one very complex product, which is no small feat.
Cons
Company growth is limited, and so are career advancement opportunities. Horizontal career shifts are recommended. This is a bit of a minor issue (and probably a common one too), but cafeteria food (in Oregon) is pretty awful.