Pros
Infineon, former Siemens Semiconductors, is one of the few genuine german high-tech enterprises. It offers jobs for highly motivated engineers in a very modern environment and is represented in may countries around the globe, which offers great opportunities for inter-cultural collaboration. Automotive and chipcard business units are doing quite well, being market leaders in various segments.
Cons
After separation of Qimonda (the memory business, which went bankrupt) and Lantiq (wireline communications) and the transfer of the wireless business to Intel, there is only little left from a formerly big enterprise, which is kind of sad. In some (getting less) areas there are remainders of typical german "we never done it that way" (aka not invented here syndrom) - killing innovation ideas rather brutally.