Pros
Lam Research is a company that could be described as a big city with a small town feel. It's a company with thousands of employees scattered all over the globe, yet no matter where you are you feel welcomed, part of the team and that you know what the rules of the game are. I think that small town feel is representative of the tremendous amount of teamwork and information sharing that is part of the Lam culture and I think those are some of the best reasons to work at Lam Research.
Cons
If Lam Research finds a proven better way to do something, it will change to do it that way. Sometimes it can be tough to keep up with the constant change that is required in such a competitive industry. The historical industry highs and lows also make it stressful when you're worried about job security during an upcoming "low" period.