Pros
This is hard to say, since it all depends on which group one works in, in which building, in which city.There can be incredible variation in policy implementation, discipline, favoritism or fairness, management styles, workload, etc. You will never know what /your/ job will be like here until you get into it. TI is not 'monolithic' like the old EDS where Ross Perot had everyone wearing navy suits and white shirts. Generally, the good things that comes to mind are that there is a nice sense of cameraderie among most employees, though it's not a place where everyone smiles at you and says 'Hi' - if they don't know you they will look down and not say a word as you pass in the hall. Another good thing is that managers almost never refuse any time off, even when your work group is really under the gun. They seem to know it's very important for employees to be able to have some flexibility in making vacation plans, or even just the freedom to take off with almost no notice for family reasons. That is a big plus. Also, diversity is a big buzzword but TI takes it seriously. I have never seen anyone discriminated against or at least I've never heard anyone say they had a problem with it whether due to religion, race, appearance, lifestyle, etc. TI is a very international place, with engineers from many countries.
Cons
TI is famous for laying off workers every few years. In the past there was the 'tap on the shoulder' method and the person was walked out the door but luckily last year they gave the affected employees notice long in advance. Favoritism is sometimes a big problem, depending on the manager, of course. Rules and regulations will not be enforced fairly and evenly in some groups. Pay is not on par with other companies according to salary survey sites - your pay raises won't cover annual inflation and so in essence unless you get a nice promotion your pay will be at about the highest level it will ever be the year you start. With a1-3% annual raise, if raises are given, ones actual purchasing power goes down yearly while working at TI.