Pros
Flexible hours. You are free to work whatever 70 to 80 hours you prefer each week. The yearly layoff packages are fairly generous. When you finally get laid off (and that is how most people who leave the company do so, you have a good chance to double dip for awhile) You learn alot about corporate politics. You learn how to keep your Director happy and what happens when you get a Director that doesn't like you. You get to say you worked at Cisco and it looks good on a resume.
Cons
Yearly layoffs. NO ONE is ever safe. No one. I have seen top tier, highest rated engineers be cut. I have seen low performers cut. The cuts rarely have anything to do with performance, but are based primarily on how much your Director likes you (or knows you) Cisco has fairly low voluntarily attrition, but very high layoff attrition (the PC term is "limited restructure". Management fails to realize that every LR is a failure of management.