Pros
The company still has a large number of good people slaving away, but management continues to prop up the stock price at the expense of preparing for the long term.
Cons
The company is going through an amazingly slow and overly painful transition into something that can be sold. The company has implemented a string of anti-employee policies. 1) Health plan is based on salary, so the more you make, the more you pay and if you are lucky enough to get a raise and cross into the next band, you might actually bring home less than you did pre-raise, 2) one week of vacation is now mandated to be used at the end of the year combined with reductions in the amount of vacation that can be carried over to the next year, 3) still paying a 50% match on the first 3% into your 401k, but instead of at each pay period, its now at the end of the year so if you leave or lose your job, well, the company saves a bit, 4) 401k plan administrative fee of around $1-$2 a quarter is now borne by the employee instead of the company - minor but symbolically horrible, 5) elimination of management bonus plan, 6) forced ranking, but hey, even people who received the highest score didn't get a raise so why did they bother implementing?, 7) endless ban on non-billable travel, 8) on travel expenses, they even want to see what you ordered, 9) endless waves of RIF's, etc.