Pros

1. Opportunity to wear many hats and learn in the process
2. There is a lot of chaos all around so good, disciplined work gets noticed
3. New campus in Austin with great views
4. Less formal processes allow more creativity (but this could have downside as well)

Cons

1. You never know when your "very important" project gets canceled
2. Many managers are not skilled at effective management
3. Very low employee morale. Majority would jump ship if offered equivalent compensation (which in itself is poor compared to industry)
4. No stock or bonus or raises worth writing home about
5. A very perceptible feeling of doom and gloom all around
6. Many Senior technical leaders (Fellow, Sr. Fellows) are below par in their performance and accomplishments creating a feeling that promotion/selection was not based on merit.

Advice to Senior Management

Based on the dismal performance of AMD, most senior managers should be let go.