Pros
Rackspace has good people working there, but they are all trapped because it is the only "gig" of its kind, in San Antonio. Management take advantage of that, by overworking people, underpaying them, and treating people (AKA Rackers) poorly. Rackspace has/had a great opportunity ahead of it. I am not sure the senior leaders in place are smart enough to convert on it.
Cons
Rackspace's culture has steadily deteriorated, due to the immature senior management structure driven from the top. The CEO, Lanham, and his direct reports are not fit to lead a company of this size, and this market opportunity. They constantly change directions, unexpectedly, sending the company and groups into mad scrambles. They can get away with it, because the job market is cold right now, and they have a captive audience in San Antonio. Despite what is advertised, there is an absence of innovation due to the strong penchant for conformity.