Pros
ARC is trying to change from being a processor IP company into an audio and video IP company. If you have experience in these areas or a willingness to learn, ARC can be a good place to work.
I worked a lot of hours at ARC, but it was by choice.
Kontras
A big problem I saw was a lack of focus on a narrow enough market segment where a small company like ARC can prosper. The middle management (director level) ranks are inexperienced in general, without a lot of experience in other companies, managing people and projects, or getting things done. Finally, even though ARC is a small company, it splits engineering and management between the UK and US, and has engineering sites in Russia and India. I think this is too much geographic, managerial, and cultural fragmentation for a 150-person workforce.