Pros
Expectations are low, so you won't be expected to work very hard. The layoff packages are pretty fantastic -- going to work here just to get laid off is a fine plan.
Kontras
New employees only receive 12 days of vacation per year, of which 6 will be used for company-wide shutdowns, so you really only get 6 days of vacation time to use when you like. The next layoff is just around the corner. If you can find an immediate manager you like, great, but the management above is probably horrible. Other groups inside the company will view your group as more of an enemy than the businesses you're nominally competing with (ie, another product group is more the enemy than EMC is). You will encounter many long-time Netapp employees who will never adapt, never improve, and see no reason to ever, ever try anything new.