Pros
Fun environment, great middle management, flexible hours, great work-life balance, central location, financial stability, lots of off-site events, appreciation of hard individual work. Salary is good, though not the greatest around. The Budapest office is among the best places to work in the city at if you are not looking for continuous integration or the latest chic technologies and methods around. There are a lot of amazing people and great teams at the Budapest office. If you are looking for a fun, laid back environment, this is your place.
Cons
The company is getting more corporate every month. Cognex is not a software company but a hardware company and the software development suffers that; methods and tools are sometimes outdated, software engineers have little room for decision making or creativity and there's no product management. Money overrules innovation so you might need to reinvent the wheel for the 5th time and reimplement the same features again and again because that's the only thing salesforce is willing to sell. As with all big companies, a lot of depends which team are you in. You might be on a fun new project or you might end up maintaining horrible ancient code that the company is not willing to replace because of "reasons". You might work on small bugfix releases for years or you might work on 3-year long endless project or anything in-between. Unfortunately there are no travel opportunities for the average engineers, even though the company spreads around the globe.