Pros
The best thing about working at TiVo is the opportunity to find something that you can uniquely do, and make yourself indispensable. Many folks have been there for a very long time, and enjoy a great quality of life with this formula. Whether it's managing a specific piece of code, an internal process, or some other patch of sand, you can enjoy a job with good pay, good benefits, and good quality of life. If you're on the product side, you can just plug away and hope that cutbacks don't hit you.
Cons
Employees at TiVo seem to live one of two lives at work... either they are safe and sound, and one of the chosen people - or they live a life of constant fear as the whims of management constantly look to place blame and shuffle the deck. It's unfortunate that the product teams seem oblivious that the 'new' TiVo has endorsed the culture of Rovi and really only cares about maximizing licensing revenue. Management through fear was common, and the lack of information flow was stunningly bad.