Pros
As an IT consulting / services company, most of the projects are longer term in nature. As a result you generally relocate to a city. Compensation in India is on the higher end (compared with Indian market) but in US its on the lower end (compared with US market) for similar job. Depending on the project you might get away with 40 hr work week. Almost all the managers I worked with are friendly and understanding.
Cons
The usual with consulting. Your job changes with different projects especially at Sr Consultant level. Once you become a manager you are generally involved in project delivery with little time for anything else. A mentor program has been started in 2008 which should improve the year-end review process. Before this program, the project manager who you last worked with was responsible for representing you in round tables. It could happen that you worked multiple projects in a year but are stuck with latest manager. Additionally, appraisals and promotion are somewhat based on round tables so even though your manager thinks you deserve a promotion it may not happen depending on how much he sells you and how the company, account and your project have performed. Networking is important to know about new opportunities. Internal requirements are not posted on the intranet and you need to either contact the staffing manager or know about projects from your internal network.