Pros
The benefits here are out of this world. Centaur provides the best insurance coverage at the cheapest flat-rate cost I have ever seen before. Employee stock plan is good, too. A large portion of the original employees from the first few years of the company's life are still working here. Don't forget free home internet, free onsite breakfasts and lunches (high quality, too). There is no competing for positions, politics, or anything like that that occurs at other companies in this field. With the flat management structure, there is actually a lot of freedom to move between different types of work (no pigeon-holing) and trust among people. I have really loved being able to try out new ideas on my own and have a real impact on the processors we make. I've worked at a few other electrical engineering companies before, and Centaur is the closest to ideal that I've found yet.
Cons
I think the work environment lends itself well to people who require very little oversight. If you are expecting a lot of direction, the forget about it. Also, if you really crave to become someone's manager, that doesn't really fit in well here either. These aren't cons in my mind, but they might be to someone else. The 401k matching is average, or maybe slightly below average, but all the other benefits much more than make up for the difference, e.g. with the employee stock plan.