Pros
Analog Devices employees some of the best and brightest engineers. There is a definite emphasis on the engineering aspect of the work (as opposed to the marketing aspect). Everyone seems very happy to be working there, and the consensus is that when people leave for other companies, they'll probably be back in a few years. I've seen it happen several times and I'm not surprised that it's true.
Cons
The company becomes too conservative in times of hardship, to the point where it can be difficult to get approval for items that are required. There seems to be little specific direction given by the senior management, only generalities that don't seem to point us anywhere. Also, there appears to be too much emphasis on the Wall Street performance metrics and meeting the numbers for the next quarter.