Pros
Compared with many other hi-tech companies, Cisco values collaboration and cross-functional group work more. Cisco's leadership team understands the need to provide employees with work life balance and flexible hours. For the most part, Sr. leaders respect employees and you do see a level of openess regardless of ranks or titles. The fact that Cisco is a global leader in networking also helps attract good people for the most part. The benefits and compensation are competitive enough and due to it's location in CA and the average age of the employees, there is a level of maturity and inclusiveness and diversity inside the company.
Cons
The functional structure of the company results in some inefficiencies in the system and often times it takes a lot of time to get consensus from all key stakeholder teams before a decision can be made and by that time the market situation may have changed and customer needs may have shifted. Ultimately it potentially makes the company less competitive. The caliber of the employees is not very consistent. There are lots of deadweight, folks who've been around for too long and only here for a paycheck and for what they can get from the company vs. trying to do their best to help customers and innovate