Pros
The microprocessor designs are on the cutting edge, so it is technically interesting. Coworkers are generally friendly and technically savvy.
Cons
Raises are poor or nonexistent. There is a culture among management of disparaging employees' performance and finding excuses not to give raises or promotions or even pats on the back. This can foster an attitude of not really trusting any coworkers, as compared to other tech companies where I've been where people do a better job of pulling together. I was a staff engineer at my previous company, with the corresponding years of experience, but took a position at AMD as a senior engineer because of what I believed were growth opportunities, as well as the promise of raises, promotions, and bonuses. Instead, I have not received a raise or promotion in three years, and have been given a 10% "temporary" pay cut due to the recession. In addition they have cut 401(k) and sabbatical benefits. Criticism is quick to come when you make a honest mistake, even the first time when you're learning something new, but if you do something outstanding or above and beyond the call of duty, you're told it was only what was expected of you. Between that and the low pay, it can be a very discouraging place to work. It's not a place where very many high achievers stay for very long.