Pros
It's a great place to work if one likes tackling the awesome technology behind the scenes that is used to create the processors, memory and other electronics needed in our everyday lives. Applied Materials is a leader in their market, and the equipment produced are state-of-the-art. This company is an excellent choice for ex-military to get their feet wet in the civilian world.
Cons
Too Big... especially if one starts in Service Accounts. I believe this company to be an exceptional place to work if one is in R&D, Sales, or HR. Although the salaries are okay in customer service engineering, there is very little room for upward mobility, and politics are weighed too heavily; more so than results. For those energetic military guys I encouraged above, your five year plan should include leaving if you want to move upward in a company; stick to your guns, because the salary can be very comfortable, with the caveat that 10-15 years down the road you may realize that you should have moved on and that the money is no longer worth it. If you have not moved up considerably after 5 years, consider changing companies/industries.