Pros
They trust you to get you job done with little supervision. I can usually set the times I travel and develop my own pace of what I want to work on. Usually I can set my schedule up to a month out and I will know what I'm working on. Managers work with you to ensure that you are helping you and the bottom line of Cisco. I also like the flexible hours and the allowance of working from my home. Many times I will not get inspired until late at night and I will work in to the early morning. As long as I meet my commitments for the next day, Cisco supports me working when I need to.
Cons
Little guidance on what it takes to get promoted to the next level. Many companies have this problem where they have fuzzy guidance as to what it really takes to move up to the next level. I think this is a problem for those that are task oriented (as that is one of the skills Cisco Hires). If there were a specific matrix that helped guide people to where they want to be in 3-5 years and even 10 years out, then Cisco would have a world class system of retaining people as one would always know where one's career is going.