Pros
Rackspace has provided an incredible number of opportunities for many of its employees. Those who work hard and achieve results have been able to advance and in many cases, pave their own way. After going public, the company is well-capitalized to grow and succeed through tough economic times and management has a history of managing finances efficiently and responsibly. This is a high-growth company in a high-growth industry with many opportunities across their lines of business (managed hosting, cloud hosting at Mosso and email hosting at Mailtrust).
Cons
As the company has grown from a fledgling start-up to a real enterprise, the commitment level of new employees has decreased. It takes a certain amount of bravery to join a company that may not survive, and in the early days, a much higher percentage was ready to put in whatever it took to thrive and win. Now there are many more coasters and people who are just trying to tag along with what now seems to be a "sure thing." With the growth has also come a sense of territorial boundaries between some groups.