Pros
Option Packages are very good although in the current economy repriciing or new options will be necessary. Good compensation, very fair market assessment for job vs pay. Opportunity to innovate is strong, however do not be two aggressive with your ideas. Not a lot of resources are available to pursue new businesses or new ares of innovation. Standards to achieve are more based on your willingness to conform to direction than results obtained, so for the "friendly" employee this can be very good.
Cons
Lack of risk taking in business based on the fear of patent infringement and "loosing" the business. This means many areas of research will not be pursued. In addition management only understands a very limited set of technologies. They do not understand electronics! Conservative legal stance on innovation because of the fear of patent revenue lost. No product development in this company to speak of.