Pros
They had good Medical-Dental-Vision plan. I also had an opportunity to take courses in Stanford which helped me in my career.
Cons
They had mass layoff in 2001, they are also trimming bottom 10% for many years after 2001. If you happen to do your job and work hard and manager doesn't like you for any reason, then managers can abuse power and you end up in list for next layoff. My Engineering team was technically OK but I have seen stronger teams. The ASIC methodology was not good enough and found it difficult to fix as my manager was not open to improvement. It was little support for internal IP although useage of internal IP encouraged. I managed to reengineer and manage to do my job but found the process to be inefficient. Even junior engineers are trained to think more in terms of busineess (compare with other places which are engineering focused). Cisco is combination of startups and that's a factor in their internal politics. I also had to login and work in weekends because my manager did the same.