I worked at Embarcadero Technologies full-time (Less than a year)
Embarcadero has really re-engineered their model and weeded out a lot of employees within the past year. Great work-life balance. Plenty of smart, hard-working people working dedicated to making the company great. I was lucky enough to work with a truly amazing manager. I did not notice it to be a "fraternity environment" as others have mentioned.
Pay is well below market rate for most positions. Advancement is limited. There is a training program in place, but it is lacks structure and organization.
Advice to Management
Focus on initial training and make it a more structured process.
I applied through a recruiter. The process took 5 days. I interviewed at Embarcadero Technologies (Austin, TX) in February 2013.
Interviewed initially with an outside recruiter. Then went in to meet with a manager and the VP at that time for a 30 minute interview. The VP hardly paid any attention and basically worked on email the entire time. The next interview consisted of me coming in for a role play scenario. It was a very easy and two afterward I was offered the job.
The initial offer was nearly 20k less than what the recruiter told me I would be offered. I was able to negotiate a half and half split.