Pros
Cisco strongly enables their employees even at the individual contributor level. If you have good ideas and the drive to enable them, you can do well. Of course, as with any large company, alot depends on your group and your direct manager. However, mobility is generally encouraged from group to group and the tools are there for you to take advantage of it. Other reasons to work at Cisco are the ability to be involved with cutting edge technology and processes. Cisco strives to be ahead of the curve both in terms of the products and the way we work. There are many great minds at work at Cisco and it energizes you to be around them each day.
Cons
The bell curve is enforced for ratings/rankings and it does not always lead to good results for Cisco or the employee. The ratings and rankings system can be unfair and hold people back who should be promoted. There is not a lot of consistency from group to group and if you're stuck in a group where there are a lot of high performers, you can be unfairly penalized. As the company gets older, there can be a tendency to fall back on tried and true ways rather than innovating. Management says they want to encourage new ways of working but if it impacts their bottom line or they are afraid setbacks will reflect poorly on them, that can stand in the way of change.