Pros
This organisation is good only for those who have been under-achievable throughout their career & who think that finding a job outside would be difficult as they have no talent or competency except for the "FOOT LICKING" which they are really good at. Good for those time-killers who like games & events to be played more than working as this is the only thing at which this company is good at ! Good for those who like old fashioned technologies over the current one's. No real pros I can think of except being a good training institute for freshers. But don't stick longer, just move on.
Cons
Company's stability is totally dependant on one project. If this project someday slips through the cracks then more than half of the employees will be kicked out. Its a sinking ship. Changing policies as per their convenience. Politics is what you will see is overpowering honest employee's fate. Poor appraisals or even no appraisals. Inefficient mangers who have no idea about technology. Frequent resignations by unsatisfied employees. If for example, 3 new join, you will see 5 of the existing leave. And what company does to prevent such events from happening in future is to play more games & organize cultural events. Hilarious strategy :D Arrogance at Senior technical & management level makes them unable to consider any advise by the fellow employees.