Pros
Amdocs is a company with certain status in the industry. Your customers also recognize that and in the projects that I worked for Amdocs employees had more respect than people from other IT companies. Compensation especially on-site was generous although it is now decreasing. Work life balance was good, but you have to deliver first.
Cons
As an insider Amdocs seems to be losing its premium image. Especially since it started going the Managed Services route, it seems less differentiated from other IT companies. Only time can tell if this was a good strategy, but Amdocs is currently risking its positioning as the #1 Customers Experience Systems company. Salaries and benefits have steadily gone down during the last 3 years. So has the premium given for being one of the best in the industry.