Pros
Nice campus. In VMware's core strong businesses, there are some extremely strong engineers and technologists, who have built amazing things. The current CEO, Paul Maritz, speaks well, and seems to have a decent view of the industry.
Cons
VMware's core virtualization business will eventually commoditize. How long that can be kept at bay before painful financial impact is felt is unclear. Outside of the core technology teams, VMware is littered with junk projects, appallingly weak middle (and even some upper) management and a general lack of coherent mission. It's unclear that much of the clarity that seems to exist in Maritz's mind is making it through and past the burgeoning layer of VPs between him and the part of the company that actually builds and sells things. Attrition seems bad: lots of senior and upper-mid-level technical folks are leaving. Some are old-timers who helped build VMware into what it is today, while others are moving on after tenures of only one or two years.