IBM

1. Brand Value

2. Internet Connection, no Dress Code

3. Some of the benefits if you are working on some of the production support projects include shift allowance and daily convenience allowance, but they are going to scrap them, last I heard.

1. Worst package compared to any of the other IT companies, although I joined as a lateral, frustrated from my previous organization where I worked for more than 4 years.
2. No good projects, only maintenance and typical prod support projects where you need to work on weekends or work from home, as they will provide support laptops/mobiles.
3. IBM India managers are puppets to their counterparts onsite.
4. No hike or career growth for employees at the organization, as IBM believes in a hire and fire policy.

I was so frustrated after joining IBM that I left in 4 months, after having an impression of the IBM brand value.

Nothing to say. IBM India is doing the same work which other Indian IT companies are doing: getting the crap work in India from abroad, using human resources poorly until they get frustrated and leave. They will then hire a new one, and the same cycle continues. Also, if the market goes bad, they will fire the senior management along with the junior resources.