Pros
When I started working at AMD, I loved the company. There was a flat management style, and you could easily communicate with anyone working on the project. There is just a very informal feel about working at AMD, and despite the bad decisions they have made in their growth in the last few years, some of that is still there. I don't feel like I am expected to work long hours every week, and management does seem to do a good job recognizing people who do a good job, as well as communicating with the employees.
Cons
Upper management is destroying the company. Projects are canceled or redefined on a monthly basis. Decisions cannot be made without weeks of debate. People have so little trust in management that they seem to be doing the bare minimum to avoid the next round of layoffs or until the company goes under. Now some managers are being eliminated, but the ones who put them there are still on the loose. The company really seems to have completely gone from an engineering driven company to a marketing driven company, and we are paying the price.