Has anyone pursued this option? What kind of outcome?
Seems kind of sketchy that they are required to provide a 60 day notice but actually set the termination date 30 days, preventing participating in ESPP and qualifying for mid-year bonus.
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Do a search for arbitration and New York Times. The New York Times did a major multi-part story on arbitration. Arbitration is set up by companies to grossly favor them in any dispute. Most importantly, arbiters that do not favor the company are not used again, so arbiters have a very strong incentive to favor the company.
So do not expect a level playing field.
For what it's worth: sign the agreement, take the severance and move on.
Compare Cisco's package to the 'industry', specially IBM, go to their layoffs.com page and learn about their RA (LR) details...