Pros
The pay is decent. There are some very challenging problems to be solved. Working on projects to solve them can provide very valuable experience. The in-house training is good.
Cons
Middle management became overstretched and (in the organization that I left) was not able to devote enough time to resolve issues with respect to project resources and staffing. The current move to reduce the work force through attrition makes job security non-existent. There is an rule that 10% of the people in each department get a negative performance review each year. Since Intel has started reducing its workforce, these negative reviews are getting handed out arbitrarily. Many project teams are dispersed with team members in India, Asia and the Americas, which leads to meetings during family hours. The company does not provide adequate tools to do a proper job. The compressed cubicles are not large enough to work effectively in. When I left Intel in 2007, I had a 4-year old laptop, a 10 MBit network connection. It took about 15 minutes each day to boot it up and connect to Intel's network.