Pros
Applied Materials the company is the market leader in its segment. It is cash rich, and has the technical depth to rapidly enter new and growing sectors like renewable energy and make an immediate impact. It also shows a willingness to exit unprofitable businesses rather than letting them bleed for years. Company is also a decent paymaster. The work culture is driven and aggressive, and you are constantly being asked to question your and your colleagues' ideas. This breeds healthy competition and is consistent with the silicon valley work culture. Besides, every one puts in long hours and extra effort as needed to get the job done.
Cons
Long hours, management doesn't really care or understand about your family life. too much politics with numerous lobbies and factions. Each group spends a lot of time lobbying to get the "glamorous" assignments, as a result of which important yet more routine tasks often slip through the cracks. It is also somewhat disorganized and chaotic, with redundant teams and work, and a lack of attention to detail that can sometimes result in shoddy output. Some teams are overloaded, and some are in cruise control. A significant amount of work needs to be done in the area of people and career management (there is too much focus on daily tasks while ignoring the bigger picture).