Pros: Fantastic benefits and salary
Cons: NO life / work balance
You will be working night, day, weekends, 24/7/365 - you will have NO LIFE whatsoever.
QCOM will reward your performance with MORE responsibility, pat on the back, more stock options, performance bonuses every 6 months ($2,000 to $9,000), generous salary and benefits package, free food ("engineering dinner" - catered food if you work after 6pm, work lunches with free food), excellent facilities (gym, pool etc), flexible office hours.
Let me be very, very clear - QCOM is NOT software company, it's a chip manufacturer. Software is produced in ad hoc manner, with "firefighters" (camping in parking lots so it's closer to the lab when things are falling apart before the release) rewarded handsomely. However, efforts to "prevent fires" to begin with (proper software process, configuration and release management etc) failed miserably on several occasions in my 12 years there. So no, there is no method to the madness that working for QCOM is. You're just mad. And you work.