Pros
The research scientists and software engineers are top-notch and sought after by the likes of Google, Amazon, etc. They are hard-working, very smart, and willing to share what they know. The atmosphere is a relaxed one. Pressures come and go, but in general it allows for a very enviable work/life balance.
Cons
This company is billed as the American hub of R&D innovation for Siemens, serving software-intensive R&D and consulting to other Siemens operating companies. Depending on which area you work in, this might actually be true. If you're into factory automation or imaging then it is true. (Although medical imaging has been spun out to a different company.) It might even hold for big data and hardware condition monitoring. But for some of the other groups it is not true that innovation is supported as strongly by upper management. Many groups are run from the parent company in Germany, which could lead to a bit of a disconnect in the US. Groups that are not deeply domain-specific do not seem to get much love when it comes to upper management helping them pitch their programs to potential clients. In general, Siemens at large (as opposed to this specific operating company) does not grok software the way they do hardware. Though it's not a critique of this company, it is an impact felt by the employees of this company. Compensation for software engineers seems to be on-par with national averages, but clearly lower than regional averages. Bonuses are unimpressive.