I am somewhat senior and here is my take. If you are junior, and you stay less than 2-3 years, it is a good first job. Perfect? No. You will learn a lot about good and not so good practices. If you are senior, then it is fine. You are getting top of market pay, and if you navigate politics, you are generally treated perhaps too well.
The issue is if you are in the middle. There, because the company is not growing, your risk of RIF increases N% each year and your chance of promotion decreases by n%. This is true in all non growing companies. It is the rule of non growing public companies.
So, the question is, given the nature of the beast, why is there so much emotion about this. For me, it comes from what are essentially lies told from the top for years about how we were family. To me, that created false expectations about how we would be treated. I had a medical issue, and people were great. On the other side, I was told to show some face time sooner rather than later to avoid being a liability. Oddly, the family messaging seemed to catch with many folks until it did not. As many of you know, Brad Reese used to call Chambers teflon John. After I saw things with more open eyes and saw the carnage in 08, it is clear he is lying through his teeth John.
So, the net for me is that you have to have a strategy. Mine? I am finally, after seeing more lies and more things that don't reflect my core values, looking for something outside tech where I can add value and feel human. Trust me when I say this, the Cisco Board is the enabler of this and they should be held accountable.