Pros
Rackspace is a good place for folks to start their careers and get involved in technology, especially if they're in south Texas.
Cons
Rackspace is a $1.8 Billion company still being run like a $50 Million company. The leadership runs the company with a non-data driven, "shoot from the hip" mentality - primarily because much of the senior leadership never developed the enterprise class leadership capabilities required to both recruit and develop a high performance workplace. As a result, most mid and senior level talent brought in to change the company are obstructed by entrenched long term "Rackers" who are more interested in holding onto their fiefdoms than moving the company forward. Even if you are able to overcome the entrenched obstructionists, your performance isn't rewarded. For this reason, the bulk of talented mid and senior level new hires quickly become frustrated and move on - the result is overall weak leadership at the company at all levels.