Pros
You can get a salary for doing nothing at all. Go to work, don't go to work - makes no difference. You don't have to strive to meet project deadlines - because they will all get cancelled either because the program is horribly delayed or the ultimate product will not be competitive once released. Work-life balance is great, because at Seagate, there is no work to do, so you can devote to your life as much as possible.
Cons
The money is being milked by the top guys and the board is staggeringly stupid or incompetent. Quite possibly, the top executive leadership would like to take the company private, cash out and leave. Constant RIFs - yes, I was affected after launching 7 products in 6 years - mean that talent is lost, technology is waylaid and Seagate is constantly playing catchup. If good folks are still left in the company, it is because they are have yet been unable to get the job they want, they live or work in places where alternate options are limited or they are waiting for a sweet severance package. If this statement strikes as being harsh or untrue, I request you to read all the recent reviews about Seagate. The company is slave to its processes irrespective of their need or impact. Mid-level managers are impotent - they take directions, do not think or are unable to act. The technology is outdated across all product lines. The company has made strategic errors consistently over the last 5 years. The salary compensation is OK, but stock compensation is pitiful. Performance reviews are a joke. If you are pals with the bosses, then you are given a decent review. If you speak the truth, you are marginalized. There is really no reason to be at Seagate. To anybody thinking of starting a career at Seagate, my advice is DON'T. To any experienced professional thinking of joining Seagate, my advice is negotiate a great package and start looking for your next job immediately.