Pros
I have been with Tata Consultancy for about 9 years now. Seen it grow from a company of 15000 to 120,000. Along the way one of the best things I have seen is that there are numerous types of projects to work on. Be it technology wise or even domain wise, there are plenty of projects. Apart from that I like performance appraisal system as it is quite transperent. The processes followed at the company like CMM etc are also an asset to the company
Cons
It has become too huge and the management is just about taking any software project. Also there is no proper career path for technical folks and it is expected the more senior you get, the lesser you code and the more you manage people. Apart from that the new set of people inducted into the company in the last 3-4 years are of mediocre quality and this is the price I guess one pays for growing big real fast. Also the compensation policy can be made more better with role based incentives coming in.