Pros
Decent benefits overall. Unlimited vacation (subject to manager approval). First-hand involvement in the newest technology. Good workplace facilities. The team I worked on was filled with mostly great people who got a long & kept the place enjoyable on a personal level. Good work relationships are not easy to come by but this team was exceptional.
Cons
Lots of odd-hour calls (early AM, late PM sometimes past 11PM), makes work-life balance difficult & tough to disconnect from work - these aren't optional, its necessary when working closely with teams in Asia. Morale (at least in the US) is a roller-coaster, but hovers in the low. Some product teams feel restricted & unable to truly compete with the competition. Advancement & promotion has a clear path one day, then is fuzzy & timing is off on other days. It's tough to find a path to promotion even through straightforward conversations with management. Opportunities for individual development & education didn't seem to exist within the company. Strategy from Executives is a mixed-bag, but took a weird turn. Seems scattered, needs focus. Quality & supplier problems have become more consistent, which is concerning - customers are beginning to notice. The work of some disciplines isn't considered important when its inconvenient. If the results of your work are unpopular, a VP might yell at you in the middle of a meeting.