Pros
Philips is really a dynamic company at the edge of all changes. Environment is usually quite open to new ideas and proposals. Other great advantage is that although the company is Dutch, all employees are really considered equal regardless of their country of origin. You can clearly see this reflected in the Top Management, the board of Management has a majority of non-Dutch. Another great reason to work is the flexibility of the working hours. Usually on Fridays employees work from home, it is also not uncommon to work from home during the other days of the week. Also holidays are quite generous.
Cons
Philips Electronics is in a very dynamic and therefore unpredictable market. Volatility in the retail businesses means that there are continuous changes. If you like a changing environment Philips is for sure the right employer. However if you are looking for a stable company with limited and foreseeable changes this would not be your choice. Another downside of Philips is that some of its businesses operate in volume driven low-margin areas (especially the consumer electronics part), this can put sometimes enormous pressure on you and your team.