Pros
Many engineers are drawn to AMD because they want to work on processors and computing. In Silicon Valley, there are only a handful of companies where you can still build CPUs - and AMD is right in the thick of things. It's also motivating to compete (and hopefully win against a much larger and entrenched competitor. Many AMD engineers take great pride knowing that they have delivered a better product than Intel with about 1/10th the resources.
Kontras
AMD is a top heavy, slowly moving, uninspired company. The leadership spends time bickering over useless issues and implementing ridiculous initiatives. At the same time, the most important item for a technology company - executing and delivering products - seems to have been lost in all the management changes and rush to make more and more changes.