Pros
* Regular promotions with hike in salary. * People get chance to travel to client locations. * Service based company usually works in different domains. So you get a chance to work accordingly. But IMHO it is good to know one domain in depth
Cons
* Same life all the time. It doesn't matter what level of experience you have, your life will always be on toss. As you move upwards in hierarchy, you are more answerable to top management and client. * Chances of code break is always there and you are always answerable for that. I feel life is bit comfortable in product based company. However initial months or a year is quite complicated as you spend time to understand their product, but once all set, you are good to live easy life. And of course, they are more employee centric than service based. Good luck!!