Pros
Compensation and benefits are about the best in the area. But as someone else pointed out there are not a lot to compare against in the Portland Oregon area. For my group there is good work/life balance. But from what I've heard from contacts in other groups around the company my group is in the minority.
Cons
There remains distrust of managment and the company. I think some of this lingers from all the redeployments/layoffs/firings - folks have not forgotten. Even though most of this appears to be over management has insisted that it will consistenly look to "improve effeciency". Even though this is standard fare for any good organization the way this is communicated leaves the employee feel uncertain about thier future. Also, like someone else mentions, there is flux and uncertainty in terms of what will stay in the US and what work will move overseas. It's true that phrases like "5 engineers for the price of 1" were often heard a few years ago. All this coupled with stagnant stock price has meant low moral for some folks.