Pros
Work life balance, so they compensate less also. Somewhat nice company policies. Onsite opportunities. Few good projects and nice colleagues.
Cons
Poor compensation. Once you get into the company with a package don't expect it to rise fairly as per market standard. People who joined with me faced the same, at one stage our experience was more then out salary (in Lakhs) If you get into one project and are looking to move to a different project, its all in the hands of your manager and they rarely show any interest in that. Would not let you go out easily. Fresher do not get their say to work on a particular project/technology. The guy might have wished to work on Java/.Net/SAP etc. he may end up working in a project where Mainframe is running. No one cares and you would have to fight like hell to get out of it if you want. Some managers are totally incompetent and take resources as their owned property (specially freshers) . Some of the projects are quite boring as well.