Pros
Smartest people you might have ever worked this closely with mainly because of less red-tape (yet). Highly energetic work environment because of this. Startup culture is still maintained so you can learn a lot about different things.
Kontras
The management is completely confusing. Communication is quite opaque. Some senior engineers still control a lot of policy making because of their attachment with the people who started the company (who were engineers themselves). This may change after Paul though. Overall, business acumen is quite low. All these smart guys have created a highly competitive and bullish work environment instead of supportive one. Guess VMware has too many apples in one basket when it comes to engineers. A lot of engineering politics is in, therefore, owing to lack of processes. It is like too big a startup to manage using startup like policies anymore.