* The work is boring. You are not going to make a great or even good technologist.
* Mediocre people. (This varies throughout the firm though.)
* Good people leave because the work is not rewarding enough, technically or professionally.
* If you do stay for > 4 years, you can't leave coz you won't be good enough. 4 years of dreary work is too much.
* Too much power with the manager. You have to keep him happy. In reality, the organization is not as flat as they say it is.
* Compensation for 'Application Developers' is below industry standard. Again not good for you if you are the ambitious, impactful kind.
* Too much importance on face-time (being present in the office in front of your managers) and ot so much on actual work done. (Again, this is technology division specific)
* It's a good place for you only if you're in the service industry (Wipro, Infosys, TCS), looking for a settled job that pays decent. Not for the driven people.