Pros
The "new" CEO is pushing the company to be a technology leader and has made significant investments in R&D, infrastructure, and HVM expansion. In the past few years the executive team has put a greater emphasis on building a stronger company culture with a focus on employee satisfaction. The company has great benefits and strives to reward employees (cash/stock bonuses and discounted stock offerings). Starting compensation is average but promotions/pay increases are lackluster, especially considering strong market performance and record profits in the past few years. I can see the company making significant improvements in 2-5 years.
Cons
The company is moving in the right direction, but progress has been slow and disjointed. There is resistance to change within the company, especially from employees who have worked here for their entire 20+ year career. Some departments are understaffed due to high attrition rates, leaving little bandwidth for high impact projects or personal development. In addition, training is either dated or non-existent so be prepared to leverage outside resources on your own time if you want to develop as an engineer. Career advancement is limited for the aforementioned reasons. Management is aware of the challenges in these areas but prefers to maintain the status quo. They claim significant progress has been made but employees will make lateral career moves within or outside the company to escape dead end departments.