Pros
A successful, but small set of, niche products with a good name brand will likely continue a good revenue stream in the near term. Some parts of the company (outside of Costa Mesa) show a lot of energy and have (or had) really good people. Company maintains a good budget for engineering equipment and offers relatively good pay. As a development engineer, the resources were generally available and lower layers of management are excellent to work for.
Cons
Internal politics are nearly unbearable with program decisions made by a most incompetent marketing organization. The company is filled with old time fat cats who are just too comfortable with the status quo. All new ideas are immediately squelched and new people must conform or they are forced out. Future product roadmaps recreated at least monthly (if they exist at all). If the legacy FC technology isn't core to any new product proposal, then any new product is ignored or eventually killed. New product proposals are weighed against the margins enjoyed by the duopoly-based FC products, but without accepting that most of world runs on a fraction of the unrealistic profit margins that ELX boasts of in their quarterly/annual reports. The results are few long term product plans and competitors who are rapidly gobbling up Emulex's traditional product space. The HW and FW content in the legacy HBAs is based on ancient code and development processes that are unmaintainable; everyone is afraid to touch anything and no one (except a few unsuccessful and wretched souls who were fired or relegated to the margins) tried to rejuvenate it. The HW designs are similar. Work is being deployed to India not because it makes sense, but because it is the politically correct answer to every human resource issue the company faces; this approach doesn't offer much future for the US-based engineering teams and is a huge demotivator.