Pros
It's a pleasure to work with some of the smartest people I've ever met. In general, I have access to the tools I need to do my job, and to resources to keep my skills up to date. Management is sort of trying again to make it a good place to work.
Cons
Communication and Vision from senior leadership in the engineering organization is severely lacking. The tools and processes engineers must deal with on a daily basis are a source of frustration. Legal woes have been a constant overhang on employee morale (and compensation) for the last several years... and it seems it's still not finished. Management is clumsily re-learning how to show their appreciation for employees by inviting thousands of employees to a launch party on one of the campuses where we get to wait in horribly long lines just to get a free taco and a beer. Employee appreciation is nothing like what it used to be. HR keeps fiddling with the performance review process and rating system, yet at the end of it all the rating system and forced curve-fitting ends up destroying employee morale even further.