Pros
Intel has great total compensation once you add together pay, benefits, stock, options, and bonuses. Even in bad times, there are usually bonuses every year. There are areas at Intel where you can work really hard and get compensated for it, or there are areas that have a good work/life balance, so there's something for everyone. There's at least some level of telecommuting available. If you can convince management of the benefits, you can get a decent level of tuition reimbursement.
Cons
There were seemingly constant reorgs, which were time consuming and demoralizing. The good old days of huge stock gains are over. Your yearly review is completely dependent on your individual manager, so if you have a bad one, you are not likely to get the good raises. Intel puts the biggest focus on areas directly related to manufacturing of processors. If you are not in one of those groups, you are often overlooked. Flexible work arrangements which were common in older times were becoming rare due to management influence.