Pros

Their initial salaries for cloud engineers might be alright. Their culture isn't the absolute worst.

Cons

My company (Onica) was bought by Rackspace, and the great treatment we god from Onica immediately vanished. Our yearly performance bonuses shrank, our yearly raise dropped to less than 2%. My friendly managers tried getting us new titles for the pay raises associated with them at least, and that was denied by Rackspace's management too. All of the talent from Onica's acquisition left Rackspace for a reason. Rackspace killed the positive culture Onica had. Rackspace's culture isn't the absolute worst in the industry, but it's absolutely nothing special, and they still don't care about you.