Pros
Cisco is stable, a fun place to work, and you can make of it what you will. I have been with the company for 10+ years and it's still a place I (usually) enjoy going every morning. When I wanted more responsibility, I just did it. In my experience you don't need to ask, just do it. Cisco encourages risk-taking, but if you're not a risk-taker, you'll do fine. Just do your job well. Free soda, popcorn, 4 wks vacation, generous compensation, and a company that is growing are all reasons Cisco is a great place to work.
Cons
Cisco's history of decentralization makes it hard to get the entire company to move in one direction. It can be hard to get cross-functional jobs done and it's not uncommon to discover other groups are doing a similar thing as you!