Pros

* Lots of interesting, high-impact projects
* Smart (and mostly pleasant) people
* At the forefront of computing
* Great perks
* Well suited for the politically adept (this is also a con)

Cons

* Opaque promotion system with high degree of randomness in outcomes
* Way too much emphasis on process - unit testing, code reviews, etc. - seriously hinders progress and reduces otherwise intelligent engineers to code monkeys and automata
* Too many technically competent middle managers with little by way of people skills
* Arrogant, stubborn and occasionally downright malicious coworkers
* Big company feel
* Antiquated coding infrastructure (e.g. no Boost libraries allowed)
* Pager duty
* Engineering work can be boring

Advice to Senior Management

Replace broken internal promotion system. Put more emphasis on moving quickly and innovating, rather than testing and code reviews. Work harder to motivate and retain highly skilled but bored employees. Stop breaking promises made to employees. Live up to your intention to reward, and not punish, innovation.