Pros
The design work in the Custom and Foundry Products (former AMIS) is interesting and rewarding. There are always new projects coming down the pipe, so designers get to shift gears regularly and develop circuits for different applications. Project leads and immediate supervisors are very understanding about spending time with family, etc. (i.e. having a life outside of work!)
Cons
After the AMIS aquisition, it really seems that upper management does not care much at all about the employees. Things are done "for the good of the company," which I suppose ultimately means good for the employee (insofar as it creates job stability), but it's hard to be excited working for a company that pinches pennies so tightly. The ON "entity" doesn't seem to care about the employees.