Actually, i believe this post. I guy i've worked with since 2000 got this dreaded letter as well last week. But its a little more complicated than that. He was given the ERP as well as the VSP. He's been at Intel for 26 years and is currently a G9. He's been in his grade for 10 years, but otherwise an outstanding worker.
He said apparently this latest round of cuts involved looking through job titles/roles (he's an Architect), and the letter he got basically said effectively they have too many Architects and that his job was being eliminated and that his last day was is near the end of June. He said Intel is going through all their job functions (started with Sales&Marketing) and going right down the line. The letter also went on the say that if you were offered other packages, they would honor it and he could choose one of the other packages offered him. So he took the ERP which allowed him to save his dignity and leave on his own terms and get paid handsomely for doing so. But he is telling his close friends what really happened. He was really angry the first few days after receiving the letter, but has come to terms with it, and is now at peace leaving Intel.
I for one, have no doubt he will find something after this, as he is a kick-a** engineer, but it will be probably at a lot less salary than what Intel was paying him. I'm not worried about him as he said he only wanted to work a couple of additional years. He will probably contract for the next few years to shore up his retirement situation. He's sitting pretty as he will be paid a full years salary so he can choose to take some quality time off and start looking later in the year, or find another job immediately.
It was a bittersweet situation, but he is happy and at peace with it now