Pros
I will try to keep my opinion limited to an employee's perspective here. The facilities one gets at Infosys due to it's state-of-the-art infrastructure is something no other company has ever offered in India. If you are an individual with hobbies, you will be delighted to experience what Infosys has to offer. The environment and workplace is something you will always feel proud of.
Cons
A lot of these have been coming up recently. The company seems to care less about it's employees and more about it's clients; hence the high iteration rate, which will cost the company dearly in the near future. There are no hikes and the leaders of the company continue to make vague and irrelevant promises. Moreover, employees are treated as furnitures here. If someone wants a choice of location, why can't it be honored? Even if one has proper reasons to wish to get re-located, he is either denied or granted the same after a really long period. And sometimes someone who is not willing to re-locate is forcefully made to take up the option for re-location. They happen to train individuals (in Mysore) in a particular technology and push the employee to work in a technology he has no knowledge of and is not even willing to work in. These are some of the reasons why the iteration rate in Infosys is so high today.