Avantages
I have great people to work with in an amazingly non-corporate corporate atmosphere. Employment includes a tremendous benefits package that's unrivaled by any in the industry. In my job I'm always working with cutting-edge technology that you can't find anywhere else in the world. In short, I love my job.
Inconvénients
Sometimes you'll work long hours, but when you enjoy what you're doing, that's hardly a downside. If for some reason you don't like San Diego, that could be an issue, but there are also smaller offices in Boulder CO, India, Campbell CA, and RTP NC. Qualcomm has been known to play hardball (lots of litigation, good patent portfolio, etc), so if you're a fan of "everyone must play equal" stuff, this might not be the place for you.