Pros
Dolby's engineering organization is capable of novel & relevant technology (e.g. CES 2016), but fails horribly to bring the innovation directly to customers. Instead they misguidedly pursue standards committees (like it is 1985) & a licensing model that is increasingly outdated, especially when its partners are themselves struggling 2nd or 3rd tier technology companies, who themselves hope to ride the Dolby brand. Work life balance is decent and the 9/80 (every other Friday off) is excellent!
Cons
Dolby is a old engineering boy's club and tragically, there is a very real glass ceiling. The HR team are not employees and are generally not invested nor competent at retaining talent. This of course, hurts Dolby's chances to modernize and remain relevant. I'll be surprised if Dolby makes it to 2020 intact. Your kids certainly won't know the name Dolby.