Without Cisco, My Net Worth Wouldn't Be at Where It Is Today
Pros
Don't get me wrong: I didn't hit my 7 figure net worth via stock options but rather the generous compensation from Cisco (and being thrift personally helped as well). Cisco does make you work for your money but it is well worth it because of all the vast networking knowledge you'll acquire while working for them (especially in the IP domain). I've worked at various companies before Cisco and I really have to say that this is THE best company so far that I've work in. Of course, YMMV.
Cons
Some projects, in the end, really are money losing projects which Cisco still maintain because it wants to have a footprint on those particular networking technologies. However, Cisco does recognize this and will make sure not to spend any more $$$ than it already has. Some acquisitions, quite frankly, were too pricy IMHO and I'm not sure whether they'll see a return on investment with those acquisitions.