Pros
Cisco has excellent benefits for regular employees, including all the health, vision, dental, 401k, ESPP, family bonding leave, and other benefits that are part of big company compensation in Silicon Valley. Cisco has a good internal training and learning site that gives you access to many resources for improving your knowledge. The culture is modern and socially liberal, embracing diversity is encouraged. And, if you are laid off, the severance package is generous.
Cons
I was part of an acquisition at Cisco. And while it was handled well, and the transition went pretty smoothly, after a few years Cisco gutted our business in one of it's perennial layoffs. It was a disappointment, since we were making money and doing well compared to other acquisitions. You cannot allow yourself to forget that Cisco is a big company, and if you are not working on something that's making a great deal of money there, Cisco is not likely to understand your business well enough to grow it.