Pros
Like anywhere else, a person's opinion of a company probably has a great deal to do with their manager and the way their business unit is run. Overall, Cisco is a very well respected company and they try to maintain that level of professionalism with respect to the way employees are treated. The management team and Human Resources policies certainly are geared toward rewarding the individuals that offer the highest contributions to the business.
Cons
The compensation has been going down in recent years. I say that for several reasons. First, the salaries have not been going up in general but cost of living, of course, has. Second, the benefits are slowly getting worse. The primary one being stock options which have all but been terminated now except for the management and highest level technical folks. But in addition, the various medical and dental plans offered are covering less and costing more year after year.