Pros
Changing positions within company is very accepted, even encouraged. Common to move between departments - from manufactuing to engineering to test etc. Dress code is very casual. There are still a fair amount of smart people left. Fairly acceptable to flex time to meet outside personal commitments. Benefits are on par relative to other companies.
Cons
Dissent or voicing a opinion different from upper management's is not tolerated. Firings for "cause" are not uncommon. Layoffs continue to be a constant threat, regardless of the amount of work or budget a project has. Review system forces employees to compete, which erodes teamwork and cooperation. Retirees medical benefits were eliminated. Educational reimbursement was just capped, but it's a moot point since very, very few people get approved anyway. Directors don't want to rock the boat by asking to spend money on training. Engineers are viewed as interchangable, which forces lots of on the job training and inefficiencies. Pay was cut 10% but workload and schedule is the same as before. Paycut was levied in a manner that cannot be rationalized as fair by any definition. 401k match was cut. R& D is minimal, focus is on squeezing costs out of old product only. Average age at our site is upper 40's to lower 50's. Large pay discrepancies are common, and are not addressed.