Pros
Cisco offers the ability to gain exposure to many different technologies while working for a single company. Pay and benefits are very good and while the workload is high, it is not "startup" hours for the most part. Cisco can be many different companies depending on which group you are in or whether your programs are in favor or not. High visibility programs, senior exec. sponsored initiatives can be good experiences, while other extremely important core business can feel very unappreciated.
Cons
Cisco continues to move jobs overseas despite being incredibly/ off the charts profitable. Cisco has a globalization strategy to develop products for low cost geographies in those geographies and have access to global talent. This strategy makes sense, but the way budgets are handled, the individual business units are simply shedding higher cost US jobs. The way the businesses are rewarded and budgeted, it is all about headcount expense these days. I really wish Cisco would show more integrity here and show a little loyalty to its workforce.