Pros
Agilent has a lot of exciting technology in both Electronics communications and Bio-sciences developed in-house and non-organic through acquisitions. As an engineer, I think it's a better place for people in the research stream than for a production oriented person. They do hire lots of talented people and it tries to be a very eco-conscious company and does a lot of charitable contributions. The non-compensation related benefits are decent. There is not too much pressure if you enjoy that sort of thing and provides a stable work environment. Some of the original (good) HP culture is still around but you need to dig a little.
Cons
An excess of bureaucracy arising out of too much mid level management that does not want to move out of their comfort zone until it becomes necessary, rather than pro-actively trying out new thinking. There seems to be some amount of political turf protection with mid level managers seeking to expand their 'empires'. It's clear to me that career managers have a 35 year time table in their mind (Agilent still offers a pension) and they lack the sense of urgency to turn on a dime. Whether you work hard or not you'll end up getting the same company-wide bonus and forget about raises. Only recently they have claimed to move towards Individual performance bonuses, it remains to be seen how well it is implemented. They are a hardware company and software is an incongruous fit into their mix. If you are keen to get into management, be prepared to wait in line. For a young person this is a great place to be if all you want to do is raise a family and want a stable environment with not too much pressure but if you are driven and be inspired, look elsewhere.