Pros
Great work environment at the peer level. Upper management sometimes aloof. The engineers work well together with a minimum of drama; great camaraderie. My management is very supportive of a reasonable work-life balance; I work hard because I want to, not because I am under fire. I think many of my peers feel the same way - they are motivated by the challenge of problem solving, not fear or reprisal.
Cons
While upper management has been somewhat removed in past years, I've seen recent sincere efforts to improve communication up and down the chain as well as a renewed interest in improving employee morale. We have politics and ladder climbers, but this is nothing unique to AMD. Obviously a major downside to working at AMD is engaging with a competitor who has five times the headcount and resources.