Pros
The company is true R&D company, researching how we process light and sound and then applying that to entertainment and communication products. If you are an expert in audio and video, this is the secret pinnacle of employment. The company has successfully transitioned past its internet disruption period and is working on exciting new stuff. The people are extremely smart - awe inspiringly so, but also thoughtful and highly considerate of each other. It is small enough that you can know just about everyone who works here. Work/life mix is excellent for those who manage their time well. The every other Friday off perk is a life changer.
Cons
Dolby does things with a thoroughness that doesn't suit everyone. The company is playing a long game and the people who do best here are really invested in solving really gnarly problems with products that take years to fully realize. Those looking for shortcuts or quick wins might find themselves frustrated. However, that same thoroughness is what makes Dolby great (and highly profitable) and it is only a 'con' if you personally need a faster cycle time of gratification.