Like most big companies, Cisco has its share of problems. John Chambers has created a very Sales centric culture based on M&A, rather than focusing on engineering innovation. Loyalty is punished when spin-offs are re-acquired for high valuations. Overall, if you have pre-2000 stock options or are in Sales, life is good, but I'm not sure I can say the same thing for IT or Engineering. The culture there tends to be very bureaucratic with a fair number of folks who are only interested in maintaining status quo. In the IT groups, there's an undue emphasis on costs and much of the work has been outsourced which turns out to be quite unproductive. My interaction with Sales IT left much to be desired and even friends working there want to move out of those groups. Just as engineers in the Business units hope that an evening MBA will free them from the confines of the engineering organization.
Cisco's stock pool being very diluted, there's not much upside when it comes to appreciation. Career growth and chances of promotion depends to a large extent on how much support you get from your manager and how many of his/her peers you influence, so you really have to manage upwards, besides doing the best job you can and then hope that its enough.