Pros
Intel is a very advanced technology company. It's very exciting to be working on the latest and greatest technology and on things that you know people all over the world will be using on a daily basis. Intel is a company filled with very smart engineers and it is refreshing to consistently be working with the best in the industry. The work is very difficult, but successful engineers thrive in that environment. Intel also has a dominant market share now, and it is rewarding to be working for a company that wins. Base compensation is market competitive, and the bonus structure makes overall cash compensation better than market in good years. They have very progressive health benefits that are some of the best in the industry.
Cons
Intel is very compartmentalized. It is difficult to learn from other organizations. In an 86,000 employee company, this can be frustrating - one knows that other people have probably solved or at least encountered your problems in the past, but it is hard to find those people. Additionally, the culture at Intel is relatively direct and for certain people this confrontational style can be intimidating. In certain organizations (notably IT), morale is currently low because they have experienced significant cuts in their headcount.