Pros
No restrictions on employees of any kind, you can work from office or from home. You are never denied leaves. People at senior/architect level are some of the most talented in industry. Job Security. Good HR policies, Good managers.
Cons
Low salaries, no or low increments. Technology used in some projects (ADF n SOA) is not much popular outside, If you stuck in any of such project as developer you will find it hard to switch if you want to move on at some point of time. No on-site opportunity if you are a developer or QA, people in implementation teams may get onsite. Hiring process is becoming lenient, Budget allocated to Application projects is low so salary offered to new hired employee is also low, Its also one of the reason of not much talent being hired on lateral hiring.