Pros
I'm treated like an intelligent and professional engineer. This does mean that being proactive is a necessity! Also, it definitely feels like my work is contributing to a real project. The work place culture does change from office to office but it's generally quite relaxed and facilitating to work. Everybody is friendly, understanding and helpful. The conference that ARM put on for all the graduates across the globe (US, Asia, Europe, etc... graduates were in one place for a week!) was great fun and informative. There were lots of seminars followed by great social events to facilitate networking. I'm hoping that I can get a rotation in an international office through my contacts made at the conference!
Cons
The work given at first felt like I was being thrown into the deep end but I feel that I'm up to speed (following perserverance and help from colleagues). There's quite a bit of management, culture, and admin basics to read at the beginning. However, it is stuff that all employees have to refresh on each year (atleast we're all in it together!) The graduate rotation process is a bit informal in that if you don't invest your own time and effort then you'll just be given a role in a discipline that you haven't experienced yet. If proactive, you can get a rotation in a role facilitating your long term plan.