Pros
VMware has a lot of really smart people, and when I was there was willing to take a number of risks to break into new areas. They are very good about helping employees grow, and having many opportunities. Every year, they had a great internal conference called Radio, where any employee could submit papers on ideas or things they were working on. Then, a huge portion of the engineers at the company would get together for a conference where the best papers were presented and Sr. Management would talk a bit about strategy and what our customers were looking for. I've never been at a company that had an internal innovation conference as great as Radio. Really made me feel that VMware was willing to invest in their engineers and investing in staying cutting edge.
Cons
The main "CONs" I saw were that several of the divisions that were not the core products had problems creating a cohesive product portfolio. You can see it by looking at the large number of products VMware has. There was a bunch of effort to change that when I was there and create better suites of products, but I felt there was a lot of good work that was not getting as much leverage as it could because Team A and Team B weren't thinking about their work as being part of the same cohesive story.