Pros
The work environment is fairly casual and flexible. The work-life balance is also good. You get a chance to work on leading-edge semiconductor technology. Pay and benefits originally seemed competitive with what was being offered at other companies in the semiconductor industry, although some of that has been scaled back since AMD began its cost-cutting measures in late 2007. Some of those measures were temporary, however. For example, the 10% pay cut that was instituted earlier this year is set to be removed in December 2009.
Cons
Due to AMD's financial difficulties, layoffs are an ever-present concern. It also seemed like they changed their internal organizational structure quite frequently. These changes became confusing and it wasn't really clear to me how they were supposed to impact the business.