Pros
If you like to slack off, chances are you can do it at Rackspace and won't get fired for it. About 70% of the workforce *wants* to do the right thing (see above for what the other 30% are doing), but without clear, consistent direction from leadership, it's just a bunch of people running around like chickens with their heads cut off, or doing very little at all.
Cons
WAY too many people providing little to no value to the business (some actually creating negative value--yes that is possible.) Lack of clear, consistent direction from leadership leads to multiple groups doing the same thing, without knowing the other is working on it. Worse--sometimes leadership intentionally has 2 groups work on the same thing to see which one will "win."