Pros
Rackspace has hired some great managers; those that really care about who you are, what you're doing, what's engaging you, what obstacles you have, what you need to succeed, etc. The list goes on. There's lots of opportunity to grow from entry level positions. Training opportunities are abound. Some neat projects are being built. No shortage of servers. Stock price has been going up thanks to new direction and new CEO. The Fanatical Support message is being driven home -- a good thing, since it's Rackspace's bread and butter. Profit sharing bonuses are awesome, when they pay. Stock options are getting more meager due to stock buyback program. Benefits are better than everywhere else, but since benefits suck everywhere that's not saying much.
Cons
The longer I spend at Rackspace the more red tape and bureaucracy I find. My team had the vision and the ability to to execute on some really new, desperately needed products that never made it due to inter-office/inter-department politics. Some organizations are fighting for MRR leading to misalignment of projects to the appropriate department. Rackspace is easily out-engineered by other companies and projects take an eternity to complete. Our ties to OpenStack are almost burdensome; the foundation is like the UN: infighting and politics are everywhere.