Pros
The pre-J&J days were more financially rewarding to employees. The original Alza provided a very good total compensation package which included stock options to ALL employees and an excellent stock purchase plan, which really helped motivate employees. J&J only provides the really good compensation perks to top management.
Kontras
J&J did provide some good management technologies such as Process Excellence. However, I feel that a review of management outcomes over the time since J&J bought Alza would show that a "east coast (think big old school manufacturing)" vs "west coast (think innovation and high tech)" culture clash was a major motivator in the departure of most of the highly experienced Alza "long-timers", you can only do so much with a steady stream of new inexperienced people. The previous reviewers comment on the two-year rotation of senior managers from the east coast also hit the target spot on.