Pros
1) Recognition and financial rewards in projects are exciting (if you manage to get them in a large team). I am not able to see much Pros after experiencing work at other companies.
Cons
Overall very less respect for developers. 1) Very less industry standard technical exposure. 2) 0% respect for work life balance. If you don't work for stretched hours then you might get poor rating in evaluation. 3) Very less flexibility in switching technologies. All depends on luck when you were first allocated the project. 4) Continuity of job is very uncertain. I have seen many intelligent people were given poor rating and were asked to leave (victims of office politics). Now they are in superb companies like Amazon, Walmart, Redbus, etc 5) Onsite opportunity is history now. There are sites but travel department is not friendly. People deny going abroad these days.