Pros
Cree is innovative and a front runner in the lumens per watt (and per dollar) realm. When things are good, they have money to spend, and spend it they do. If goals are hit by all departments you get quarterly bonuses that equal out to about a paycheck, but you don't get them if all departments don't hit their goals. You also get an additional end of the year (Christmas) bonus if all goals were met throughout the year. They have a yearly Winter party and Summer picnic. They also have a gym on site and cafeteria, though it's almost as much as going out to eat fast food nearby. The founders are awesome people and still work with the "little people" on a daily basis working because they want to and love what they do.
Cons
Depending on the department you're in is whether you're put through the grinder or seem like a normal job. If you don't have a degree, you will eventually hit a glass ceiling, though it won't keep you from getting your foot in the door. While there I saw a lot of good people be allowed to walk out the door to go elsewhere. The departments don't communicate well with each other, so if you apply, don't be afraid to apply to every position that seems interesting. Some interviews are done almost cattle call style because they have a high turnover rate. The divorce rate is high, but so is the pregnancy rate (which you see at the company parties). You can almost count on a 3% raise, but in order to get more someone has to get less. The only way to get a significant bump in pay is to get a title change/upgrade, even still this is not always the case if your manager doesn't fight for it.