Pros
Good to work when you are at high ranking professional. Relaxed Job for persons just about to retire. Good for married Ladies. Good for persons of age above 40, who is sick of working and just want to relax.
Cons
Not good for freshers. I saw personally many Btech or Mtech freshers who passed with more than 80% will be thrown into Support projects. There, he will get used to relaxation, boring. Managers will not listen to Innovative ideas of developers. Even in Salary hikes, best grades to will be given to Manager friendly developers. In TCS, managers will be treated as GOD's but not as part of the team. Higher authorities will just listen to developer's problems, but they will not work for the solutions. One word to say It's just like Government Office