Pros
It's a cloud company, so if you work for right team you will be learning good stuffs. Some really talented people. Not much lay off during bad times. 360 degree feedback. Good training programs.
Cons
Rackspace culture is fading away since the day new CEO takes charge. I would not blame him, may be he did not have much choice but to do cost cutting. Replacing ETO with PTO is a one of change which everybody hates. Same goes with discontinuation of sabbatical program. Cancelling Raktober fest, Holiday party during December may not matter much, but it adds fuel to already not so happy employees. I worked in IT department and this is one of the worst working place i've worked in my career. Here my boss never understand job complexity, so he can not appreciate. My boss, his boss and almost everybody in IT are technically challenged. So talented guys move out for obvious reasons. I've seen guys who did all heavy lifting hardly gets recognized and no promotion, but guys who are in personal relationship with his supervisor get promoted. I've seen at least 3 people who should have been get fired got promoted, but talented employee who does complex task was not promoted.