Pros
I worked at Sensus as part of the design organization. The team I worked with was a very strong team with a good basis of knowledge and understanding of the products they worked on. As has been mentioned in other posts, being on the right team makes all the difference. There are teams that are much more supportive of each other than others.
Cons
Since the acquisition by Xylem, the organization has completely lost its direction both in product development and market strategy. The corporate position is clearly moving Sensus away from the core strategy that was implemented as an AMI company. Leadership of the design organization has been very fractured with no consistent direction from many of the management levels. There is no face time by the leadership and lackluster quarterly overviews that highlight all the great successes that no one actually get to share in. When working on various projects, there are unrealistic delivery schedules, lack of consistent inputs from the marketing organization, and a lot of finger pointing across the various functions of the organization. Prior to leaving the organization, there was a consistent pull back of many of the development teams so no one could be blamed for the program failures. Many of the new process steps implemented in the last year have impeded development team progress with many of my peers time being under-utilized.