Pros
Very engineer-focused company. Great place to work if you are an engineer from South Asia and are early in your career. Also great if you used to work for Crystal Semiconductor before they merged with Cirrus and you have longtime connections to certain managers. Generally treat employees like adults, plus frequent beer parties. Good benefits, and no drug testing.
Cons
Not-invented-here syndrome is alive and well, the concept of design re-use is underdeveloped. Strong belief in having everyone collaborating at the same site has not lead to collaboration across groups, but devolves into face time being very important. So telecommuting is practically out of the question. They talk constantly about not being able to hire enough good people, but the recruiting process is pathetic. Politics and personal relationships are said to play an outsize role in upper management. Organizational structure may not be sustainable -- roughly 90% of revenue is coming from the audio division (mostly from a single well-known customer). Unless they get major traction from other customers soon I would expect a major re-org in 2013, given the politics I can't imagine it will be fun.