Pros
Executive management seems very strong to me - they know their business, where they want it to go, and how they are going to get there. I like that they have a pretty well codified program for innovation, R&D, and internal investment in cutting-edge technologies. They are far more diversified than they used to be - semiconductor is not their only business, even though it is still their primary business. They are moving toward very strong positions in the display and PV and energy efficient glass business. In 3-5 years, I suspect they will be 40-50% of revenues away from the semi business, yet still maintain their leading position in the semi equipment business.
Cons
Being a part of a fairly large corporation always has some downsides - lack of a personal touch and a sense that you are a "lone ranger." The company presupposes all employees will be self-sufficient. I've historically come from small companies - less than a 1,000 employees, most smaller than 50 - and it's amazing the differences. It takes getting used to, but no doubt it's that way at all companies of its size and larger so one can't really level that complaint at Applied specifically. Overall my chain of management is pretty solid. I hear talk from co-workers and they have pretty weak management--barely communicating with their subordinates, not creating much of a team atmosphere--but mine has been good so far.