Cisco has become another large company and suffers from "large company-itis".
Pros
Cisco is a stable, very large company. Has a very good sales & channel organization; decent benefits. Talented resources if engaged properly.
Cons
Large company with too much political baggage. Employees & organizations that are not based in San Jose suffer from a compensation perspective, respect and career growth. The overall compensation of the company has suffered over the past 8-10 years as well. It appears to me that Cisco does not value it's experienced employees; hires too much from the outside in key positions without allowing experienced employees a shot at the promotional opportunity. "You're better off to quit, gain a more impressive title from a smaller company and then reapply to Cisco". Your chances of getting promoted are better using that tactic then trying to justify it internally.