Pros
Its a great place to start your career. Pay is low, however the opportunities to learn are plenty. Good performers will be fast tracked into leadership roles. Opportunities to go on-site or client side are plenty once you reach 2-3 years with the company. They give a very very long rope for slackers. You will be made to take certifications and complete them (financially rewarded if you pass), which is a good thing. Its a great company to work for, although it has lost a lot of its charm. The 'Infy' name goes a long way on your resume all over the world.
Cons
Due to the big size of the company, its hard to get recognized. They reward under-performers and under-achievers, who are very average when it comes to working efficiently. Very strict about a dress code and enforce an almost dictatorial like work ethic. They do not believe you have a life outside work, although they have a bunch of PR like 'work-life' balance. You become a workhorse with the amount of pressure and expectations.