Pros
Due to the team structure, you are able to touch on almost every aspect of design from concept to prototyping/testing, from front-end all the way through detailed back-end work. Aggressive project schedules mean you learn very quickly. Everyone, including management, is extremely technically competent. Design teams are generally willing to help each other, and politics (at least at the engineer level) do not play as large a part in day-to-day work from what other companies' reviews reveal. Less politics mean meetings that are to-the-point, and do not drag on pointlessly. Free meals (breakfast, lunch and dinner) and a free coffee area mean focusing on your work doesn't imply going hungry or rushing to go out to eat. A surprising amount of employees use the gym. The annual raise before the economy tanked was pretty good, 2009 may be different. Managers seem to try their best to keep the raises and promotions as high as possible when submitting their reviews to their superiors.
Cons
Management generally consists of engineers that have been promoted into the positions. It seems that management does not go through management training, or perhaps just not enough. This is not to say they cannot handle their teams, but transparency and big-picture information is generally not there. It's difficult to be proud of the work when there is no knowledge of the business and products in which our chips will be integrated. Managers are generally pushed extremely hard, with multiple projects at the same time. Schedules are very aggressive, sometimes unreasonable. There are no 'freebie' or 'go-home-early' days after projects are finished (unless you take them yourself). Work for the next project starts the very next day. Planning vacations becomes difficult with 3-4 month turn-around time. Micro-managing sometimes becomes overbearing, but is still generally for the good of the projects. The pay is slightly below average and historically, there has not been any cash bonuses, just (underwater) incentive stock option grants and the annual raise. The English proficiency of some employees is sometimes lacking, and anyone who does not speak fluent Mandarin may have difficulty communicating sometimes. The direction of the company is not always clear but some measures have been taken to correct that. Many of the company's good engineers have left for other jobs over the past few years, including some senior management. Employees are generally unwilling to speak up when they disagree with the methods or ideas of their management. Lots of time is spent focusing on too many details that should be quickly resolved in order to move forward.