Pros
It has already been said that the best thing about Lutron is the people. Regardless of your discipline, you will make close friends here, and you will have ample opportunity to grow your core skill set. For those who want to hit the ground running, Lutron is a great place to start a career - as the company relies heavily on new-hires to make key technical decisions in the company. Lutron rewards achievement, though you'll need to be willing to stand-up for yourself and be your own champion.
Cons
While new employees get ample opportunities to make real contributions, they also bear the brunt of insufficient upper management. Short-term strategies mean that work / life balance doesn't often factor into the equation -- crises flow down hill, and the company isn't shy about asking for copious uncompensated overtime from exempt employees. Lutron could be so much more than it is, and could attract and hold great talent if the atmosphere were less stressed and less repressed. Upper management could stand up for themselves and their employees -- but unfortunately it isn't the culture, and isn't likely to change before the regime. Anything and everything is subject to change at a moment's notice at managements' whim, often causing redundant effort and wasted time on "black hole" pet projects. Viable new ideas, visions, and strategies often get overlooked due to paranoia and a CYA approach that stems from trickle-down fear of the top management tier.