Pros
The level of talent at Cisco is generally quite high and a cut above other companies. The compensation package is generally solid though raises have not kept up with the rest of the valley and Cisco is no longer significantly better than other companies. The sheer size of Cisco allows one to move into other areas of interest and find new opportunities if they desire to branch out.
Cons
Hours are long and work loads high. If you make an effort to take time off management will be supportive in my experience but they will not go out of their way to encourage work life balance. The company will suck you dry if you let it. Competition for advancement is very keen, especially at the grade 11/12 level and politics will often play a very significant role since there will almost always be several qualified people. Career development is non-existent even for those who have been labeled "high potential". The management at the Director and Sr. Director level is the weakest in the company and contains a significant number of political infighters and deadwood. This creates management paralysis and limits growth opportunities for others.