Pros
You get to work with a lot of smart people, especially senior Rackers. This is the only good thing going for them at the moment, as many are going away for reasons described below, this is a good place if you are starting in your career. Seasoned developers please stay away.
Cons
Below average salary Inexperienced management Lots of internal politics Current changes in benefits make Rackspace less competitive Disassociation between upper management and project development Few resources are given to managers, making career advancement difficult and frustrating even if your performance is great. Internal opportunities are difficult to attain, promotions are discouraged even if the position advertises with a higher title. All in all, there is no reason or incentive for a developer to stick around. Learn what you can and go to a place where your experience and work is valued and compensated.