Pros
If you're good friends with one of the senior managers, or worked with them at Ingres, you're treated very well and will likely earn a salary far beyond what you could make somewhere else based solely on your skills. Be prepared to repeat the company line that Perforce is the best place to work, whether you believe it or not.
Cons
Senior management is dysfunctional. They don't like each other and don't work well together. The CEO changes his philosophy seemingly on a whim and announces it at an all-hands meeting to confused employees. One year it's "we can pick and choose what we want to work on, and make a lot of money as a niche player," and the next year it's "we will be Number One (but we'll let you decide what Number One means to you)." Management believes the company's low turnover rate is evidence of a superior work environment. It's really due to the fact that the company makes a lot of money and overpays employees, with large profit-sharing bonuses. If you want to make a lot of money, this is the place for you. Just be sure you can ignore the long-term dead wood that is likely making even more than you, while doing less. And pity them because they can't get a job somewhere else and still make their house payments.