Employee Stock Purchase Plan?

Hi all.  I'm seeking advice on whether or not to participate in my new
employer's stock purchase plan.  I haven't started the job yet so I
don't have all of the details.  But the benefits crib sheet they gave
me spelled it out like this: You can contribute up to 10% of your
salary toward the plan and you purchase the stock at a 15% discount.
It does not mention how long you are required to hold the stock.

On the surface, this seems like a simple way to get a 1.5% (= 10% *
15%)  bonus.  Of course, that assumes the stock stays level.
Normally, I'm adverse to holding that much stock of a single company.
So I'd want to sell it ASAP.  But there is the incentive to hold on to
it for a year to get long-term capital gains treatment.

So basically, I'd just like to hear what other people have to say
about such programs.  If you have personal experience, so much the
better!

Thanks in advance,
Bill

--------------------------------------
Misc.invest.financial-plan is a moderated newsgroup where Moderators
strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond.  For all of the other tips and suggestions, see "FROM
THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on
the
Newsgroup.