Pros
They pay well, every two weeks. The medical, dental, and vision package is better than average. The cafeterias are very nice, and they have an excellent gym in building 6. Overall, the benefits package is great. Top management seemed mostly honest, and middle management is less venal than other companies I have worked at. Cisco is very driven by their "VSE" documents (Vision, Strategy, Execution) and takes them very seriously - I found it refreshing to find a company that actually does take Vision and Strategy seriously. They actually measure things, and sometimes make decisions based on those measurements - an idea from an underling with good data can overturn the intent of a VP with an opinion, sometimes.
Cons
They will try to work you to death. Some parts of the company are a lot sharper than others - I was part of a group that was closely aligned to another group, and I was always amazed at how much more organized the other group seemed; we just couldn't seem to make decisions and stick to them. Middle managers (directors) seem so busy with all kinds of activities that they don't seem to have any time to manage. All managers are expected to have "individual contributor" duties, which diminish their effectiveness as managers. Cisco loves routine, procedure, and process; it is very difficult to do anything new there.