Pros
I've worked at several great tech companies in the valley before joining Lam Research. I had no real concept of Lam before I joined, but had heard of it through positive recommendations. Lam Research was said to be the most stable within a volatile semiconductor industry. The pay and work/life balance were OUTSTANDING. Even when layoffs occurred, huge bonuses and raises continued. While it wasn't a Google, Apple, or Amazon, the great pay more than made up for the old feel. Tim Archer seems to have ushered in an increased cost focus that should continue to reward shareholders in the near-term.
Cons
This isn't a con or critique of Lam, but a characteristic of the greater Silicon Valley. A Strong clique mentality exists within management that results in hiring/firing decisions often aren't always in the best interest of the organization.