Pros
Cisco is a stable, solid company, process-oriented, structured company who treats employees well. The benefit package and long PTO days are very attractive. Salary is above average, very reasonable for the type of software development work required. The work environment is very nice too. Nice campus, location, cafeteria, gym and various services on site. Cisco offers good job security and job growth, internal promotions, transfers.... Depending on the work groups, people I meet there are generally happy . If you can find a team you like and a team that contributes to Cisco's bottom line then you chances of happiness is higher.
Cons
Dealing with globalization may not be easy. Teams that coordinates with offshore teams often work long, strange hours. You might be expected to attend meetings (online, at home ok) as early as 7am or as late as 10pm. Cisco though more agile than a company of similar size is still big. Product cycle is slow (1+yr) and very process oriented. Things don't get done as simple and as fast as they should. Maybe folks there are pretty set in their own ways. Not the most innovative crowd. Don't be stuck in a group that is not performing. Bottom line counts a lot in Cisco.