Pros

Still a good place to work, respectful management, not bad navigation through tough economy. Knowledgeable staff, good chance to educate yourself working with industry leading experts. Company is an industry leader in some application areas. Restructuring helped company to remain an industry leader, stay on the cutting edge of technology.
Still good benefits in tough economy times. Flexible time off,

Cons

After cutting costs people got assigned to multiple projects, too much paperwork, sometimes that paperwork takes more time and looks more important than actual work. People getting nervous, some are leaving the company (usually the best experts). Chances to get training reduced with budget cuts.

Advice to Senior Management

Reduce the number of middle level managers, amount of paperwork and reporting, regular internal meetings and conference calls. Be pragmatic!