Pros:
So called relaxed work environments(depends on proj/PL/Acct. Manager)
Onsites, one need to fight for it.
Compensation is at par.
If you are good at buttering, then ur PL and acct managers can help you in your promotion.
CONS
No work flexibility. Even though indian work timings are 9.5 hrs, managers(in some projects) force employees to work for 10 hrs.
Performance appraisal is a joke. If manager is satisfied u can get top most rating, if unsatisfied(for whatever reason it might be) you can get he worst undeserving rating and there is no justice in place to reconsider any incorrect appraisal.
The resource management group who are in charge of allocating into a project, behaves rudely with employees.
I have been under one manager Vani in the past, she forces everyone under her to do whatever she wants, forcing into a project without informing them, giving bad rating, not releasing, not allowing sick leaves, escalating to Group Heads with false information, in short reducing associates careers to ashes who dares to disobey her dictatorship.
But again all depends on ur luck on which project you are in.
I worked in plenty of good projects, but my last project forced me to resign TCS. All my dreams were shattered just bcoz of a manager.