Pros
Extremely competent and driven management team. Excellent communication top down from the CEO through the leadership teams to the general teams. Good salary structure and general (non-salary) rewards & recognition. John Chambers genuinely cares what employees are thinking and feeling. People are truly empowered to make a difference, and encouraged to do so. Great flexibility in terms of schedules.
Cons
Incredible hours and extremely high expectations. Expect to multi-task to the nth degree. No cost of living adjustments and the vast majority of compensation benefits (increases, etc) seem to go to a limited set of top performers. If & when you are in the top percentages you are treated very well. As a large company it can be very hard to negotiate, and it can be political.