Pros
Still has rather good benefits, though not as good as the "Old HP". Great support for dealing with life/work issues. Many managers came up via the HP Way. They are great at balancing treating customers, employees, and the communities where we do business well with the imperatives of doing business and making a decent profit.
Cons
Focus on financial metrics has resulted in round after round of downsizing. The deadwood is long, long gone. Extremely productive employees are now going overboard. I question the ability of the company to create innovative products that will have decent sales after the extreme cutbacks in R&D and manufacturing. Morale is bad, because no amount of layoffs seems sufficient to get the company to where CEO & CFO want it to be financially. The recent split of Agilent Labs into two separate components, one facing the bio/chemical analysis businesses and one facing the electronics measurement business, seems to signal that upper management no longer believes that the businesses make sense together.