Pros
Process in place at all levels to make jobs run smoothly. Engineers know they must publish fspecs; document delivery is automated. The problems you might encounter doing your job have already been thought out and dealt with (for the most part). Working hours are flexible and benefits are good. People are polite and friendly; the physical plant is nice looking and pretty well maintained. There are multiple cafeterias. The idea that you have a life outside of work is respected. However, employee morale is very low. There is the constant threat of layoffs. Usually Cadence has a layoff every Dec 15, in good times and bad.
Cons
Everyone feels completely expendable; management is not truthful. Cadence is a very large corporation, and you feel like a cog....everyone is completely anonymous. You do not interact with most of the people who work there. The atmosphere varies greatly from building to building; some places are great places to work; some are definitely not. Building 5 (headquarters) is definitely a nicer environment/culture than some other buildings. Management is very authoritarian (my division CVA), project managers are not friendly..management often doesn't even say hello when passing in the hall. Management decisions are tightly held secrets. Management is not honest about the state of the business or the future prospects.