Pros
Worked for AMAT for 11 years ending in 2009. Prior to that competed against AMAT (Lam) and prior to that was a customer of AMAT. Prior to 2002 or so, the big Pro for working at AMAT was that you were working for the acknowledged leader in the semi capital equipment space. The company has / had a legendary history with some legendary leaders (see Con below). While it was no doubt a meat grinder, salary was great and stock performance was amazing. By and large hard work was very much well rewarded. This of course came at a "personal life' sacrifice just as any company in this space was.
Cons
Those legendary leaders of the past failed to see the writing on the wall which was the transformation / maturation of the industry. By the late 90's the leaders needed to begin the process of leaning the company out to match what was coming. The so called dot-com bubble made for one last economic party. The legendary leaders were so completely rich via stock options / bonuses / salary that any motivation to start the really hard process of transforming the company was gone. The very top level management was always very fragmented (if not openly hostile toward each other). The CEO opted to pull the rip cord and picked an outsider. Of course the others then pulled the cord. The only remaining top level execs from those glory days were / are very average if not below average. They are not leaders and never were. Splinter was / is not capable of the heavy duty naviagation required to guide the company in the changed semi world. Company is not going to go under - - just drift along and be a place to work. If you join the company now you are late for the party - you will see nylons hanging from the lights, party cups and mugs everywhere on the floor and you will know there was once a big time party going on - - but alas those Glory Days have indeed passed on by.