Pros
A paycheck, although not competitive, is better than none. This may the I.T. environment of the future, if outsourcing becomes the only resource for mainframes. If you're one of the rare individuals that thrive in a sweat-shop environment, this is the place for you.
Cons
If this company is an example of I.T. in the future, it's time for a different career. Pathetic management, hostile environment, disgruntled employees making the atmosphere worse. Sweat shop type outsourcing environment, too many clients, too few employees expected to support them. HR policies and interaction are horrible. I've had two managers say in so many words: If I had other options, I wouldn't be here. So consider the results: unhappy people here that really don't want to be. It amplifies an already depressing environment.