Growing distrust of senior management and deteriorating impact of technical contributors
Pros
You will have access to many very competent technical folks. If you want to learn analog circuit design, you can quickly grow your capabilites and have a big impact in certain organizations. Because of its broad porfolio of chips, there is always something else to try and freedom to expand your skillsets. Most groups are very understanding of flexible work schedules as well as telecommuting. Good people will rise up quickly.
Cons
Some bad people also rise quickly! Management has ceased to listen to the engineers. Sales and marketing droids lead the company from the product line manager position to the top. These people overestimate their capability in judging where the markets are heading (see our cellphone business for the proof) and do not have the technical wherewithal to make sound decisions. A handful of "chosen ones" are picked from the crowd and these people are quickly promoted up in their careers regardless of their total lack of competency. They are promoted from low level manager to leaders of $100MM+ business units in a few years and have zero technical skills and no leadership capabilties. They are never kept in one position long enough for their stupidity to shine through. Individual contributors are increasingly being treated as common labor. If you don't fit the clean-cut salesboy mold, you're never going to move up the managerial chain.