Pros
Cisco is very much a meritocracy -- where folks are empowered to be innovative and provide leadership, vision, and join in strategic direction of the company. Folks who succeed here need to be self-starters, and Cisco rewards such performers with many opportunities to work in many different functional areas of the company. Cisco's culture is one that has no pre-conceived notions of social status, or placing value on where people went to college or received their MBA degrees. From my experience, the best managers and leaders who get promoted are those who delivered the goods, or stepped up and led others. In my long tenure at Cisco, I've been given many different jobs and roles, and it's that on-going commitment from Cisco to aid me in my learning and career development, that makes this such a great place to work.
Cons
People who "ask for the ball" are given it, and Cisco rewards such performers. Anyone just waiting around, though, for managment to miraculously just promote them, will be waiting around a very long time.