Pros
As someone coming to Lam fresh out of grad school I appreciated the training Lam provided. It was a good place to learn the ropes of a big corporation. Lots of other smart people, most of them also new. Good launchpad to better things
Cons
Work life balance is pretty poor. Lam's general approach to problem solving is to first panic, then throw a bunch of people into meetings about the problem, so things can get tense. The problem might or might not be solved, but time absolutely will be spent, at all hours of the day and night. There's a talent drain effect. Lam hires lots of folks fresh out of "tier 1" schools, and those people often want to work at "tier 1" companies. People who are good tend to find a better situation. They either end up at Apple/Google etc. after a couple years, or they decide they want to have a life/family, and go to a company where that's more possible. Either way those who are left, including most of the management, tend to be hard-charging second raters. These are people who can't hack it at first rate company, and have no lives outside work, so they spend their time making a mess of things at Lam. Bad decisions accumulate, and so does stress.