Pros
At one point, I had many good things to say about AMD. I can still say it's a very flexible place to work and there's a good work-life balance. My manager is extremely competent and adds a lot of value. Extremely lean in terms of production per employee and lack of overlapping functions as a result of recent layoffs. Many quality, effective people remain. Health benefits are still a relative bright spot.
Cons
Compensation package has been shredded over the past two months (no 401k matching for the foreseeable future, 10% pay cut for plebes for the foreseeable future, mandatory vacation). Layoffs have been happening quarterly for the last year and there are more to come. Product roadmaps are lacking compared to Intel and whole market segments are being ignored or at best given little attention (netbooks, smart phones) while AMD continues to focus on a declining segment (Desktop) with low margins.