Pros
This is a good company to have on your resume. The Panasonic name seems to open doors: recruiters call a lot and having worked there seems to be a positive thing in the eyes of other companies' HR departments. They recently instituted flexible work arrangements (it's about time...).
Cons
Upper management shows absolutely no respect for its employees. I was there during the massive layoffs in the mid-to-late 90's, and they showed outright contempt at that time for anyone who had worked there longer than one or two years. Many of the employees they decided to keep were moved into dead-end jobs. I was fortunate enough not to be laid off and my job remained intact, but many others weren't as lucky. Pay is notoriously poor compared to other Northern NJ companies and in relation to the extremely long hours you are expected to work. I think they finally figured this out a year or so after the layoffs, so new employees were brought in at salaries 30% higher than existing employees who were doing the same job. As a consequence, there was -- and still is -- a mutual distrust and dislike among the "old guard" and the "newbies". And morale is totally in the toilet. I'd seriously think twice about working there.