Pros
Lots of flexibility and opportunities. With sufficient motivatation and potential, an employee can accomplish just about anything. Politics and challenges exist and it takes outrageous personal effort and dilligence to accomplish large things (especially if you are doing it from the "bottom-up") - but as you build allies in management, things happen. I also feel that employees can learn a tremendous amount working at Intel that can be useful within Intel or after Intel. I feel personally like I have been able to learn new and marketable skills constantly throughout my time at Intel.
Cons
It is a big company and as such tends to be impersonal. Enough people are willing to invest their whole life in work that it can take a significant amount of effort to move mountains and have a home life. Like other companies, invest your time in relationships with co-workers - this is what makes it personal, fun, and enables you to build your own virtual organization chart of people motivated to get stuff done.