Pros
Lots of opportunity and support to move within the company - learn different types of job functions - gain great experience, management allows you to do your job without micromanaging, lots of creativity, great people - very intelligent and nice to work with. Good benefits package. Fairly well managed company. Fluctuations in semiconductor industry due to anticipated economic conditions can provide much needed rest during downturns company enforced shutdowns.
Cons
Periodic reorganizations can place you under less desirable management chains. Company practices can be unreasonable to supply base, for which it relies on heavily - can put suppliers out business during downturns. Nature of industry (not company's fault) leads to wide fluctuations in anticipation of changes to general worldwide economic conditions - i.e., although creating opportunity during growth cycles, layoffs occur during downturns - this may be uncomfortable for many.