Pros
The people and culture here is what makes this place great. Part of the reason is most employees are from the HP-era. Work life balance runs deep. There is no issue with taking off early to pickup your kids from school or attend any school functions. Management is understanding as long as you get your work done. The type of work done here is truly remarkable. The wealth of experience designers is beneficial especially to someone who wants to get in and learn. Access to some of the best lab equipment helps in developing even better products.
Cons
Biggest gripe for employees is compensation. Management is always finding ways to reduce the bonus payout. What use to be 10-15% target pay has been reduce to 2-3% now. Yearly adjustments are in the order of 2-4% and hardly tracks the increasing cost of living in the area. Layoffs occur every 2-3 years and lack of similar companies in the area almost guarantees that you will have to move away. Job security has been low the past couple of years. Personal growth is slow since T&M market is somewhat of a niche market. The general consensus is that someone has to retire in order for an opening to be made available. The test/production groups tend to lose young engineers often because better opportunities await them in the Bay area. I've spoken to a few test/production engineers and they all seem to dislike working with the overseas team because of the huge technical knowledge drop off.