Pros
Well TCS is a excellent company if a) You find yourself onsite b) You land yourself in a wonderful project with good managers (rare) c) For various reasons you want to have a chill out time d) If you for some reason want some enormous challenges in your life, which you may succeed in overcoming, but may not be rewarded for. It does give a lot of internal satisfaction though. e) TCS does have good clients. f) Job Stability.
Cons
TCS is not an good company and definitely not a good first company because : a) Pathetically bad management. It's like only bad people stick around in TCS for long. b) Reward and Recognition is extremely bad. No motivation at all. c) Bad HR, absolutely no involvement. Bad canteen, bad admin. d) Bureaucracy in operations. e) No Training for the work to be done, its all quite haphazard. f) TCS is primarily doing support work. New implementations are rare. g) A really bad place for CA's, MBA's and other professionals. h) A Promotion takes eternity here - 5-6 years.