Pros
Rackspace is a unique and challenging place to work. Environment is flexible and allows you to try new things. Have not had much layoffs given the current economy. If you are looking for executive level positions you should get exactly the compensation and golden parachute you are looking for.
Cons
Every year the benefits get worse and cost more. Bonus structure metrics are changing all the time so that bonus payouts to regular employees can be decreased and have no real correlation to performance as an employee. Cost of living raises are frozen until further notice. All this while executive leadership makes millions on stock options and grants. Friends and Family company values are a joke these days. Most of the talented technical staff has long since moved on to other companies. Training and advancement departments are useless.