Good but the machine gets in your way
Pros
Cisco is a fun place to work, at least if you're in the sales part of the business. You can usually work from home and take flexible hours provided you're serving your customers well. Career options are great, you can move around the business relatively easily. Opportunities to move to different countries are frequent and often encouraged. Lots of opportunities to do side projects and define your own activities. Very little 'micro-managing'. Rewards outside of base pay are encouraged and easy to distribute, creating a good culture with positive feedback.
Cons
No inflationary payrises. Very difficult to get promotions without being a skilled political operative. Managers powerless to help employees in this area as they don't control any budget. Everything goes through a big HR machine. Everything and everyone is a number and cost to be reduced. Managers are usually looking upwards focussed on their own careers, not paying attention to their employees. Can go months without a performance review or any guidance as to your own career. Promotions, payrises etc all shrouded in secrecy. Leavers usually not replaced, or replaced slowly. Being 5 heads down is common and workload thrown to employees without any consultation or apology. This in turn affects sales commission. Technical strategy is weak in areas due to massive in-fightning between business units. Huge egos run parts of the business. Fear is a frequently used motivational tool.