Pros
Very flexible work environment. Everyone gets a laptop can mobile phone and can generally work from anywhere, any time. Since Nokia R&D groups are spread across world, work is going on 24 hrs a day and staff can shift hours to best fit with personal life and current work assignments. Although it can lead to working 24/7 if one's not careful! Even with the constant heavy workloads, most engineering staff are friendly and willing to help one another.
Cons
No career advancement opportunities since Nokia is stuck in cost cutting mode for some time. Offices provide very limited amenities -- no gym, cafeteria, public transit, etc. No company paid celebration activities, although staff and local management kick in some $$ occasionally for picnic or potluck. Senior management tends to sign up to more work than staff can handle, leading to long hours and constant schedule slips. Certainly not an issue unique to Nokia though.