Pros
Cisco emphasizes work/life balance and this is honored in all roles I've held with the exception of sales. Medical benefits are very good, 401K options are comparable to other companies. Other perks like tuition reimbursement are above average. Cisco IT is very good about maintaining the latest technologies and tools to do you job. (ie: BYOD for mobile devices and virtual office setups to support remote workers.)
Cons
I've witnessed 3 major layoffs since joining the company in 2004 and at least half a dozen re-orgs within Sales Operations. Salaries are competitive when you first join the company, but it's difficult to advance due to HR policies and bureaucracy. In my case, it has been a lack of job role hierarchy and descriptions on the part of HR that has prevented me from continuing to advance. Cisco struggles to attract millennials and the workforce is aging.