Very nasty office culture / office politics. People tend to take a very passive aggressive approach to conflicts instead of trying to resolve them in a constructive way. Lots of gossip and under-the-table back stabbing. Lot's of managers who are more interested in using their employees to advance their own careers or protect themselves than taking care of their employees or team. There is not a lot of inter-company mobility, and you can get locked into your job and have your skillet silo-ed. Office layout is a giant cube farm.
There have also been lots of layoffs the last few years, although rumor has it these will soon be coming to an end. From my perspective, layoffs seem to be affecting a lot very senior level employees who have been at the company for a long time and are not necessarily up to date with the latest skills. I have not heard of a new hire being laid off immediately from where I am in the company.
Not a good position for a highly-motivated engineer... I have never worked at a company where taking initiative or trying to learn new skills was so frowned upon. Managers just want to keep you in your place so you don't cause trouble. Maybe a good company if you have no ambition, want to smoke weed (I was not drug tested as a condition of employment), and just want to coast through life.