Pros
(1) The company still has some very smart engineers. (2) Decent work-life balance, but that is changing. (3) Employees starting their careers get a chance to learn a lot compared to bigger companies.
Cons
(1) This is not a company to join for long term growth prospects. The most productive period of an engineer in AMD is the first 3-4 years from joining. (2) The senior management is increasingly adopting an engineer unfriendly approach (think of Google, then reverse it). As a result, the best and brightest are increasingly calling it quits, and it seems the management does not care. There is no effort whatsoever to either retain existing talent or to attract talent. (3) When experienced engineers quit, they are largely replaced by Program Managers (or people with equivalent skill sets), causing a severe dearth in technical leadership. (4) There is no support for any out-of-the-box thinking at all, which is what made AMD a household name to begin with.