Pros
The company culture of Perforce is very software engineering oriented, which makes it a very comfortable place to just sit back and code. The culture also feels "direct"; there are a few procedural hoops, but nothing resembling TPS reports. There is exceptional reinforcement of work-life balance; while the occasional pressure situation arises, there is definite sensitivity and pressure from managers to avoid a constant "world of stress".
Cons
The engineering-oriented culture of the company doesn't quite know how to handle good product design. If you've used the client applications, you'll know what I'm talking about; they tend to feel like an extensive API instead of an elegant interface. Clear communication is also not a specialty of, well, practically anyone you'll work with - you won't get any slick presentations. The company is also a one-trick pony; there's one real product, and then a whole bunch of, well, loss-leaders, supporting that product. There isn't real experience making money in other ways. Perforce is also transitioning to a more mature market. This can feel "old" when compared to what's going on in the valley.