Pros
If you're raising a family, and are looking for a stable employer with decent pay, good benefits and flexible working arrangements (in at least some parts of the company), Cisco is a good place to work. While there is a lot of big-company bureaucracy, much of it can be safely ignored by engineers.
Cons
Cisco is very slow to adopt new technology, and its development strategy, when there is one, is plodding at best. Product direction is more political than strategic, and much of the development effort is to play catch-up with what is already on the market. In many cases, internal wrangling prevents us from delivering the best product, even if we've already developed it. If you're looking to blaze new technology trails, Cisco has limited opportunities. You're better off working for a startup and angling to be bought by Cisco.