Pros
1) Lot of client exposure. 2) Good recognition (but doesn't necessarily means rewards!). 3) Good onsite opportunities.
Cons
1) Very hectic schedule. I don't remember how many times I have worked beyond 12 in the night (in both of my projects during my stay here). Lot of weekend working. 2) Even though I was NEVER rated below A / A+ (which means exceptional!) during 5 years of my stay, my salary was 6 lacs per annum at the end of 5 years. Others had even less! 3) No opportunity to change your project if you don't like it. 4) No much room or encouragement for innovative ideas. 5) Most of the employees hired are average or below average, few are above average and very rarely you will find someone exceptional. With this situation, if you are a team leader, you are doomed! 6) Too much cost cutting since 2009. No Diwali, New year or birthday gifts. Hikes were in single digits in the current year 2012. No paper towels in restrooms. Free filter coffee service has been stopped and its now priced at Rs. 5 for a MICRO cup. 7) Strict attendance policy. A minute less than 8 hours logs a half-day absenteeism (however it can be approved by your supervisor, so need to be in good terms with your supervisor!). 8) Heights of politics!! 9) The single digit hike given in 2012 increased the variable pay. There was no change in the basic pay or special allowance!