Pros
1) If you're on the right team, then if nothing else, your teammates are your reason to show up to work; they'll become your friends and family. 2) Intellectually challenging work. 3) Flexible work arrangements.
Cons
1) Too much turnover at the ELT level, such that messaging and direction have changed enough to give you change fatigue at best, whiplash at worst, and certainly no time to adapt. 2) Leadership, esp. ELT, are in it for themselves only, they've long since given up on caring about their teams or what their teams do and the resources their teams need to do it. 3) ELT and leadership are surrounded by "yes men" and impervious to messaging they don't want to hear. 4) Base compensation is low compared to other companies, which presumably is made up for by equity and bonus, but neither one has bridged the gap in recent years. 5) RIFs and "surgical" headcount reductions are common, but are largely reactionary and not well thought out, and, if you are let go, there are no outplacement services, you're on your own. 6) Most of all, the workplace culture that made Rackspace great--the secret sauce--died a long time ago.