Pros
Over the past 4-5 quarters Cobalt senior and middle management have been upgraded through inorganic hires and reorganization. I think this has created new energy in the company that just wasn't present in the first half of 2008. Subsequently, the new hires that have been coming aboard in the past year seem to be high caliber and they in-turn are attracting the same. The structure of the company changed too, it's now organized around centers of excellence. This, IMO, seems to have brought more focus to the respective groups.
Cons
Cobalt feels like a start-up company, great ideas and plans for products and services in a large and growing market, but the company has many customers and support obligations. Not sure this is a downside of working at Cobalt, but projects are vetted and triaged closely, but maybe not closely enough.