Pros
Excellent values, a great culture, and an awesome leadership team all demonstrate that Rackspace cares about its employees and its customers. The company promotes ownership from within the company by empowering its Rackers to do the right thing for our customers, and by offering equity grants/options/discounts as a reward for performance.
Cons
Sometimes our senior leadership sends conflicting priorities based on their own incentives, due mostly to a lack of coordination between them. Our "time off" policy has improved in recent years, but is still sub-par. Several teams have a distinct lack of accountability toward completing projects other teams rely on. Finally, there is the occasional bad manager who really forgets to respect our culture. These are all relatively rare occurrences, however.