1. For the old timers, the food is to rich. (I dunno whether this counts as a con :P)
2. though the pay is high, Dont expect that the pay will match the exorbitant pay by the VC funded product companies
3. The company combines Work, learning and play, all in a day. So employees end up spending more time at office. Spouses, parents, dependents might crib.
4. Sometimes the projects turn out very challenging and that requires extra time than anticipated
5. Of the overall CTC, variable pay is a large component. This could be a pro and a con, both