Pros
Alcatel offers a competitive salary, excellent health benefits and a fair 401K alternative plan (used to be a great 401K match). The company employs smart people, many who have impressive educational backgrounds and years of experience. Alcatel deals in cutting-edge technology and you feel that you're at the forefront of where technology is going years before the average person knows anything about it.
Cons
Lots of press has been given to the the financial situation over the past several years - this is a real concern, but seems to be moving in a generally positive direction. However, a larger problem, from an inside perspective, seems to be the leadership at the mid management level - these people really struggle to figure out how to move at a speed comparable to more flexible competitors. They are stuck in old ways of doing business which leads to inefficiencies - often too many people in some areas and not enough in other areas. The CEO has made a commendable effort to shutter unprofitable business units and contracts, however, there are many examples where Alcatel still chases opportunities that are good for the current quarter's revenue number but not good for the bottom line, and also present financial hardships in the long term. They often cannot make the tough decision to exits markets that are no longer profitable, so therefore waste resources instead of re-focusing in new growth areas.