Pros
Cisco does pay a bit higher than the rest of their peers. It is a large company so being able to move around is quite easy especially if you know people in the targeted area of your choice. John Chambers is an excellent CEO and a strong leader.
Cons
Promotions, especially when it comes to Director level and above are difficult to come by and is more a matter of who you know versus your accomplishments. Cisco does seem a bit top-heavy in management and that also prevents one from moving up more quickly. With any large company, there seems to be "fiefdoms" of organizations that have questionable reasons for existence. In other words, sometimes you're not so sure what function that organization was created to do and what value do they bring to Cisco in the big scheme of things. It becomes less and less clear on how one's day-to-day work applies to Cisco's Top Business Priorities so at times you might feel that you're not really making much of a difference.