Pros
There aren't many left, they all went away due to cutbacks. Three weeks of vacation the first year, goes up to four weeks per year after 4 or 5 years. Most manager let you telecommute at least a couple times a month. They are pretty flexible about what hours you work. There used to a pretty good sabbatical program but no all of 2008 doesn't count toward the time requirement. The discounted stock program is gone with no indication if it will ever return. Bonuses are largely based on company performance so they are effectively gone. If they bring back those benefits it could be good.
Cons
Most of the financial benefits are on hold. Bonuses are based largely based on company performance instead of individual performance so they are pretty much out the window for now. No raises for all of 2008 and maybe longer. Promotions are based on ranking with other engineers at the same level company wide and how much your manager is willing to fight with upper management for you. recognition of any sort is very hard to come by.