Pros
You can work on leading edge semiconductor technology without moving to the Left Coast. They have world class technology and resources. You can work with some incredibly talented engineers. The SRDC (Semiconductor Research and Development Center) has development partnerships that allow you to work with engineers from the likes of AMD, Samsung, Chartered, Sony, Toshiba ....
Cons
Take Away's. Cut and freeze the pension plan. Increased cost for medical benefits. Hardly any salary plan for years. Stock options for non-executives, that's a thing of the past. The semiconductor division is too small a scale to ever make money. They enable IBM to make money on main frame computers but Microelectronics will never have the scale necessary to really compete with Intel or TSMC.