Pros
If you live in San Ramon, the commute to Giga-tronics would be delightful. It's also pretty conveniently located for those who live in the Dublin/Pleasanton area. Otherwise, given the current state of the company, there seem very few reasons that would justify joining what would inevitably be a career dead-end.
Cons
The work environment for engineers is thoroughly frustrating as the upper management will start product design projects and then 2 months later "realize" they are too resource-constrained to continue with and/or complete the project. This occurred more than once. What this leaves to work on is sustaining engineering efforts on products that have already reached their peak in the market, and that utilize technology 10 years behind the current products in the marketplace.
Compensation levels are 25-30% below competitive salaries for the Bay area for engineering and technical staff. There have not been annual reviews or performance increases for well over 4 years due to the company's continuing struggle to stay afloat (as of Q4/2007).