Pros
Safety net for the job - Even if you perform miserably, you still can be assured of a place in the company. Mastering the system - You can get better performance review, if you know how to master the appraisal system without putting in real effort. No hardwork required to be in this company. You can just do with a handful of technical terms and google and you can win much in this company. The underlying theme is to know the right people and master the system. But if you do honest work, then you are likely to become a person that will be ignored by the management and the talents and skills that you have acquired in college are likely to be wasted.
Cons
This is a company that has moved away from its technical underpinnings and is increasingly becoming a sweatshop. Poor quality of hires and the huge amount of hires every year has lead to an explosion of population within the company that it has become hard to manage the hires and reward and nurture them properly. If you want to enter this company, the best way to do it is not to enter it as a software engineer but to enter it after you have finished a degree in management so that you can get a position that you will not be stuck in.