Pros
The first advantage is of course evident before you even set foot inside it. The amount of fame and fortune which the company's rich history has produced is a big plus. The training given in the company is top notch, and as long as you work hard during that time, you will learn better coding practices than you learnt in your college days. Most projects have a very well established set of processes and always emphasize on quality. Unfortunately, this is all that is good about the company.
Cons
The unrealistic number of processes is exactly what stifles creativity in this company. Even though the training given is top-class, the educators leave a lot to be desired. They are mostly people who join the unit as a stopover on their way to getting their choice of posting location. Don't even get me started on the promotions and onsite opportunities. This company is no different from government service in that the only thing which makes us eligible is basically our experience in the company. Certifications are made mandatory failing which we do not get promoted. Visas will be initiated many times over and rejected as well till the time you threaten to quit, at which time, magically, you finally get your golden ticket. Laterals with lesser experience than you will easily get more money than you. The company DOES NOT reward people who stay committed to it. Once you're around 4 years in the company, the variable pay kicks in, and god forbid if the company is not doing too well at that time. I have personally witnessed people who practically fell over themselves licking the floor their managers walked and finally getting visas, transfers and promotions as requested; and deserving, hardworking people stay at the same position year after year. Oh, and in case all of you did not know this yet - the normal employee did not get any salary hike in 2011-12, but the senior management had no such qualms about rewarding themselves many times over. You thought Indian politicians were corrupt? Pop into Infosys Limited and be amazed!