Cisco: a great place for the politically inclined and opportunistic learners looking for a place to grow.
Pros
Excellent personal growth opportunities (business and technological), some of the best independent contributors around. Good benefits, competitive salaries. Senior Mgmt (below Chambers above SSED/OD) are generally good people from a business leadership standpoint, tho there are definitely a number of stuffed suits there as well. Business Units vary greatly, from completely out of touch with the real world, to deeply involved with the day to day business and concerned with client satisfaction and support of the field. Overall if you can tolerate a significant amount of politics, and are capable of working on your own with minimal supervision and direction, Cisco is a great place to work that provides a excellent benefits package, competitive pay, and excellent growth opportunities in business and technology alike.
Cons
Bloated, self important middle management (not all - there were certainly some excellent folks in the middle as well) more concerned with politics and self promotion than anything else. An enormous amount of internal meetings. Practically everything is outsourced so customer service is a joke, particularly for partners. Getting things done, even within the system can be incredibly difficult. The employee review process is a joke, and thoroughly painful to anyone who is more interested in doing there job than promoting themselves on a daily basis.