Pros
Flexible time and there is no permission needed if you want to work from home sometimes on an ad hoc time. All you need to do is send an email to your group in the morning that you are "WFH" (working from home) and how you can be contacted. There are so many resources available for professional development. There is support for mentoring programs. The work is challenging and fun. Individual work goals are decided based on department goals, which are in turn decided based on goals trickling down from the topmost level. The management is great and there is no micro-management. The people are great to work with. Really, what else does one want in an employer? Oh yeah... the benefits and compensation are among the best in the industry.
Cons
Really, I cannot think of much that is wrong with Cisco. My manager could be somewhat more appreciative of a job well done, and also have some more 1-1 time; but you cannot draw any conclusions from that because my previous manager - the only other manager that I have had at Cisco - was superb at keeping the communication lines open. I never wondered about what he thinks of me & my work because he would give feedback, positive or negative, on such a continuous basis. Another thing is that Cisco does not throw as many lavish parties or have celebrations like AOL (my previous employer) did, but I would rather have my employer be frugal, make profits and keep me employed than make losses due to extravagance and have to lay me off, which is what AOL had to do.