Pros
The people (rank and file): intelligent & committed. The constant influx of RCG's is a great source of energy and ideas; they keep us all young. The technology: we've changed the planet for the better and have the potential to do it again.
Cons
Pay: The stock market funded a big piece of compensation in the '90s. Now that we rely on base pay it's a problem.. it doesn't even keep up with inflation. So the reward loop for employees is broken and we end up busting ass for the shareholders who don't care about anything but the numbers. This forces a short term bias but more importantly, employees have lost their sense of ownership. Internal systems: Average at best. (SAP and it's ilk) There's so much emphasis on chasing cost through unbundling and wringing out costs on the parts that more time is spent coordinating all the moving parts than just doing the job in the first place. I guess that's what comes from working for engineers (vs. professional managers).