Pros
Product domain is very niche which opens a lot of learning opportunities
Good clients to work with
Product itself is very robust and efficient
Bi-yearly appraisal
Some people are very knowledgeable in their practice areas, can learn a lot from them
Cons
Being a very niche domain, its hard to show the skill set elsewhere
Excessive office politics, you just cant avoid it, eventually fell prey to it
Salary structure is just average
The higher management has a lot of ego issues
No product enhancements which makes such an amazing product noncompetitive
People with new ideas are seen as threat
Work can be extremely repetitive at times
The Indian management has no idea of how to run an IT company (they themselves are not from IT domain), sometimes it feels that you are in a government office with strict timings and dress codes