Pros
Dolby is a good company to work for in many ways. Work / life balance and benefits are all good. The offices are nice and the company is very smart strategically and produces good technologies / products. I would definitely recommend Dolby as a good place for engineers and researchers - it is driven by technology and totally fascinating. It is - as other reviewers have noted - not a fast-moving place.
Cons
I think the ancillary functions - i.e., not engineering or research - tend to be weak. I've actually been appalled at some of the behaviour I've seen in the Corporate Marketing function, which is less important - as it should be - to the company overall. I think this can lead to some um, *unfortunate*, behaviour from members of that team. However, the product and technology people are just amazing.