Here is what I have observed with Qualcomm applicants. I have been involved in filling many reqs across a few functions (PM, PgM, Engg., Engg Management) and seniority (IC, Managers, Directors)
Product Managers are glorified "power point" presenters. The PM group at Qualcomm does not shape product direction. They do go and present the product to external audiences. A better title would be marketing associate.
Program Management is useless. There is no practicing the discipline for PgMs. They are terrible technically. A lot of the posts on this forum about useless status collectors are probably started as a result of interacting with such PgMs. I am sure excellent individuals would exist at Qualcomm in this function. However, as a company, from the outside, there does not seem to be genuine respect and development of this discipline.
Engineers - Junior engineers are good. They can probably hold their own against similar people at any tech. company. The competetivenesss declines at higher levels (there is also title inflation). More importantly, at some point in their career, they stop producing technical artifacts and start to direct the work of others (filling in for the lack of rigor on the PgM ladder I think). This is rewarded at Qualcomm. One only has to read the resume of the senior engineers to see what the organization rewarded. Its always - "lead a large team across geographical boundaries". It is never - "Designed and implemented this complex technical deliverable".
Engg. Managers - On the technical side, they are terrible. Any semblance of technical skill is long lost. On the personnel management side, they are actually very good. They must deal with people, incentivize them, retain them etc. The environment at Qualcomm is very challenging to deliver on this axis. They are battle hardened.