Pros
Regardless of your background, you have the opportunity to work in just about any area in the company. Lutron does a good job hiring smart, interesting people. You will make and keep friends here. Others have said that Lutron is a great place to start a career, and I can see why. Entry-level employees actually shoulder more real responsibility than anyone else. Lutron has a (sort-of) no layoff policy, which can be a comfort.
Cons
The company is a cult of personality surrounding the 83-year-old owner. The major driver behind every decision in the company, even at the highest level, is avoidance of his wrath, which is both perpetual and erratic. The company has no strategic vision, no planning, no budgets, no job descriptions, no development plans, no career paths (outside engineering), and people at the highest levels of the company have commented that they have no way of knowing whether or not the company is even profitable. Profits don't seem to be the point. Satisfying the owner's inscrutable, and increasingly unsustainable, vision does. The owner's mercurial style, combined with weak executive leadership and a lack of organizational vision, results in widespread paranoia and cynical politicking. People in positions of power are insecure because it was not merit but submission that got them there. If you're offered a job here, take it if you need to (obviously), but just know going in that the place will mess with your head, and be prepared for that. Lutron is frequently referred to by employees as a "circus," "a joke," and "a social experiment gone wrong."