Pros
The new people really get what needs to change and are trying their best despite all the people who have been there 15+ years and want to do everything the same way. There are a lot of changes and if you are creative, ambitious and motivated there are many challenges to take on. The products are very interesting and need lots of work. Great for an engineer with guts.
Cons
Management is frustrated with a bunch of people who are trying to keep the company stuck in the past. There are a lot of new processes and things that need to change and the oldtimers complain, complain, complain. They make sweeping generalizations about one or two really tough managers (see other comments here) that are trying to make the company grow. If you work here, expect to work with some really great new employees and some really stubborn oldtimers. When they finally turn the corner, this company will rock.