I'm a regular HN community member (under a different account). Coincidentally, I also work for AMD. Everything I say here is my own words and none of this is endorsed/backed by my employer.
From what I can tell, AMD's strategies are more long-term than some people would like. For instance, we're taking time to rewrite software when we could squeak by with just modifying it. We just reorganized my entire building. These things have lots of up-front costs: lost time, productivity, etc. But I would be surprised if they didn't pay off in the future.
Until last month, we were in a hiring/raise freeze. Most benefits were frozen (profit sharing, buying stock, etc.) Now that stuff is being lifted. Management believes (as do most employees) that we have passed the worst of the storm.
HR and legal can be a real pain (more so than many other companies i've worked at). They can regularly prevent real things from happening. Thankfully, they are physically seperated from the hardware/software boys (literally on the other side of town). They have a dress code; we don't, they have lots of inane security policies (no camera phones, etc.), we don't, etc.
The management style is very hands-off (at least for hardware/software boys), which is both good and bad. The "very good" developers can really shine. If you want to work on something, just do it. Rarely do you need manager approval, and if you do it's usually just one level up. I've had several ideas that I've gotten a chance to implement in the last few months that have really streamlined the manufacturing process and saved the company a lot of money.
On the other hand, average/mediocre software developers are totally lost. Upper-level management communication basically consists of elaborate ways of saying "Make more money" and "make chips fail less" and that sort of thing, things everybody should already know anyway. How to go about doing any of that is largely left up to the ingenuity of the small team or even individual developer. Great for smart people; bad for mediocre developers.
I certainly don't think AMD is in danger of collapsing or anything. It's just not as competitive at this precise moment as it was in 2001-2005. I can say that the company is treating its engineers/developers right--flexible hours, casual dress, nice facilities, all the sort of things that lead to happy programmers/engineers and great products. Most of the employees in my building seem to own stock, so I would imagine they also think AMD has a good future.