Pros
There are some really smart people here. The education program Rackspace has built is second to none. Employee training is seriously Rackspace's strongest asset. San Antonio is one of the cheapest places to live in the US. Salary increases do come if you bounce around the company a lot and do good and make NO MISTAKES. However this takes time. Simply put, Rackspace has survived all these years because it has smart people.
Cons
There are some really politically and narrow minded people here. Support has turned into a call center without the micromanagement of phone time. Some great techs and people are still left in the company but unfortunately they are churning every year. The culture is sadly not the same as it was 7 years ago. Some of the culture is better but most is not. The company residing in San Antonio is killing the ability to bring new talent in. It is the only game in San Antonio aside from government contracts. This lack of new talent and over bearing VP levels are crushing morale through all levels. Don't make a mistake at Rackspace as management never forgets and some don't forgive. The pay levels are sub par to market because of the San Antonio cost of living. Which Rackspace tries to make up for with a sub par bonus and great training.