As an ex employee who served long at Intel, Intel has become a depreciating asset for most rank and file employees who worked hard to build the company. During the 90s, everyone wanted to work at Intel. Yes, the meteoric stock rise was boosting the morale, but that was not the only reason. People had a closer connection with their managers, people were high on the prospect of building the world's chips and everyone wanted to come to office impulsively. That morale, energy and camaraderie is no longer there. If any one looks at the parking lots these days, eveyone clocks in at 9am and clocks out before 5pm. Managers have transformed into task masters and slave drivers, with nothing to offer by way of a career rise no role modeling - for people who are locked into a technology company that has no parallel in the US, or perhaps anywhere in the world. I have not met any one IC who does not complain about one's manager at Intel.
The upper management, OTOH, kept on rewarding itself with promotions and some 50 new VP appointments every year - in good times, average times and bad times - some of whom hardly manage organizations smaller than 20 people. Notice anytime the company earns better profit than expected, there will be a slew of VP promotions for those in the upper echelons, while the rank and file are given an average 1.5% raise. The company that once used to pride in meritocracy now parodies itself as the paragon of "hire for DNA".
Intel is in a slow fall. I will give another 15 years before it will dissolve itself like Motorola did - under very similar corporate philosophical directions. Everything else matters over trust, merit and work. Perhaps Intel, like other old guard companies, will have a big role to play in the world economy. It will continue to churn chips on a global scale. But, only as shadow of its former self before 2005.