Pros
You get to work with great Computer scientists. Some of the old NCR guys are so knowledgable. It is pretty amazing to get to see their thought process at work.
Cons
The list is huge. Pay is pathetic. You ARE NOT COMPETITIVE. Stop saying that in the offer letter. Since the pay is pathetic, you cannot attract the best. What follows is you have such horrible code, it is atrocious. The version system/ build system takes ages. The technology is outdated. As a software engineer, I spent so much of my time just running builds. Who uses horrible Clearcase? For heaven's sake , stop BEING CHEAP. I once was invited to a talk with Pizzas and then we were specifically told to not take more than 2 slices. It is, on paper , a technology company but in reality, the culture is not that of one. Recently , some people were laid off . I know so many people in the company who were called Software Engineers but I am ashamed that I even worked with the same title in the same company. These unskilled engineers were for some reason not laid off. Some, I know just had spouses working in the same company at higher positions.