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I've worked on small networks where only non-user specific passwords were used. This in cases where there was only one or very, very few people who knew the passwords and performed device maintenance.
For somewhat larger networks, where muliple people could be doing maintenance, sometimes local usernames were configured so you could see "who" did the configuration changes. (From a security perspective, not much better than just using global passwords, unless you also wanted to tie certain priviledge levels to a particular username.)
Lastly, in big networks, you normally have RADIUS or TACACS user account authenication. The latter, of course, makes it much easier to add or revoke a new user to a set of devices.
