Pros
Great company. good leadership, great benefits , easy to see why its ranked #8 to work for. Great location. Not being scattered across helps I think. the other locations are independent and functionally different units. Next 5 years look good too for the company as 3G ramps up across the globe. open culture and teamwork and environment for cross-group communication, though it is not excersized by overly focussed engineers. good and bad there. The learning environment is absolutely the best, one day you could learn about LTE and then next you'd get to hear a Stanford Professor speak about finance. If you are semiconductors/radio engineer it is the best place, but in my opinion its the business guys who have the most fun @ qualcomm.
Cons
There's a tendency to not acknowledge what's going on out in the industry especially in areas which are not core competencies as the company tries to expand its horizons. A lot of non chipset specific ideas have already been baked at OEMs such as nokia etc, but sometimes i have noticed that this ignorance has acted as a bliss, because of Qualcomm's partnership and customer delight strengths to counter that disadvantage. another downside is that there are bunch of people who are in their early and mid thirties who are directors and above now as they joined in the mid 90's and grew with the company. A lot are Indians, and nothing racist there as I'm one too, but most are too tactical and not at all strategical, some are bloated and in their comfort zone. Most have not worked anywhere else and it shows.