Pros
My manager allows me flexible work hours as well as a partial telecommute option. Opinions of employees are solicited and the management is forthcoming with communication regarding decisions made. The technical aspects of the job are challenging and because of the underdog status of the company there is a heightened sense of achievement on meeting/exceeding milestones.
Cons
AMD runs a very tight ship (more so in this down cycle for the company). There is always a resource crunch and typically that means sacrificing of critical projects or trying to run them with drastic compromises. Due to this once you are an expert at something and good at it, it is very difficult to move on to other things. This is extremely career limiting. There is a "cultish" mentality that the senior management tries to project, where AMD does nothing wrong and all the problems are because of big, bad intel. This leads to senior management not taking enough responsibility for their failures and lowers employee morale and the employees' faith in senior management.