Pros
Great people, contributors or non management are usually pretty helpful and great people to work with. You will need this to grow, not get a raise or higher position in the company, but just to grow as an individual. Employees teach each other, all do it yourself style. Not much as far as a how to internally. Work from home, that is a huge plus, but also grants yourself to working longer hours.
Cons
Basically no pay raises. Very hard to get yourself put out there as a great contributor. Usually receive a new manager 1 to 2 months before the yearly review which could give you a raise. Easiest way to say, sorry I dont know how good/bad you are, so no raise this year, again. Tired of always working late and hard work being input and nothing getting out. Looking for a new position in another company. Beware if you request a raise too much with the recent yearly employee head chopping, your head will be on the block pretty quickly. Not enough internal communication is given to employees. Too much money spent on buying new companies when Senior Management turn around, fire 4,000 people and say its to keep our stock holders happy. Funny thing is all full time employees are basically stock holders, so who is really supposed to be the happy ones? Yearly survey is sent out, nothing really done with the bad parts, all meetings skip those questions. Too many meetings about things that have nothing to do with your actual work. Example: IT meeting, all hands. All IT must attend. Basically 2 hours talking about how sales is doing and how the cisco.com home page was created. If you work in the NW team, and never deal with that, it was a wasted 2 hours basically.