Pros
Interesting industry. When in an "up" cycle, lots of trips--both domestic and international--and GREAT bonuses. Austin office has very friendly people, and feels like a smaller company, but with deep pockets.
Cons
One word: Politics. More words: Too much red tape to get anything done! Too much control from HQ in Japan, and not enough willingness to try to change processes and systems for the better. Even in the American subsidiaries, there's very much a good ol' boy culture--hitch your wagon to the right person, and you'll go far, but get on the wrong side of the politics, and you're out to pasture. The dress code and telecommuting policies are way behind the times, especially for Austin. Meaning, buttoned-up business dress and telecommuting not allowed. There is also basically no opportunity for meaningful career advancement besides moving into management. For people with no interest in managing other people, or who are in departments already saturated with middle managers, there's nowhere to go.