Pros
Great environment to work. Work culture company wide is something to be envious about. At the global level a concious effort is made to listen to employee concerns. Many perks applicable to US employees are applicable in India as well - eg., Summer Fridays between June and September, Christmas and New Year shutdown etc. The global management is doing its best to keep employees happy.
Cons
The big issue is the disconnect between the India management and global management in terms of implementation. The second disadvantage is a lot of favouritism and politics in India offices, which is unbeknown to the global management. Do not be surprised if incompetent people are your managers in India with no sense of direction. The leadership in India doesn't listen to employee concerns. The other issue in the India office at least is the declining range of quality work.