Pros
The best work-personal life balance (I hardly worked more than 9 hours a day during 3 years). Good compensation compared to service providers, less variable & more fixed pay. People are very professional and diplomatic. Very less politics. Management is approachable. Good facilities like free transport, food etc.
Cons
Quality of work is not good, all the time you'll be doing the maintenance and enhancement work. Slow in adopting new technologies. Not the company to look for, if you want to stay technical. Top heavy, there are almost equal number of managers & directors compared to developers (hope i'm not exaggerating it too much :) ). No growth prospects. Everything is driven from US, management is a very good obeyer of their US counterparts. Though they talk about taking lot of good initiatives I hardly saw them being useful. In fact the management is good & capable (by their qualification & experience) but fail to get good amount of work from US. Though FMR India is a captive centre for more than 6 years now, there are more critical projects with Infy & Patni than FMR India. Very less onsite opportunities, especially for techies.