Pros

A lot of money means that they can invest a lot on producing and promoting the record. The artist or band get a lot more opportunities to sell their music. This is provided that the artists make a profitable return.
Existing connections with well established media outlets allows the record label to get newly signed artists onto popular shows, magazines, festivals etc.
Since they do business in bulk, they can get the best deals on manufacturing, advertising and other expenses.

Cons

The most common contracts that new artists sign at major record labels are multi-album deals that gives the artists little, if any, free reign over the creative process. It is a way for the record label to control everything that goes into the production as well as the return that they will get from the sales.
The company will keep the rights to the song and have complete control over who it is sold to.
The artist or band is in debt to the company and they expect it to be paid back. This puts an immense amount of pressure for the artist to do well.

Indie labels usually would not pressure an artist to change their sound or style in exchange for charting success.
Smaller staff make it easier for artists to develop close relationships with their managers.
Most indie labels will give their artists creative control and be less strict on what they can or can't do. Artists are not usually locked into long-term, multi-album contracts.

Indie record labels do not have much money as most of it is used to keep the company staying afloat. They can't afford to fund high productions with little return so they may be less likely to take risks when it comes to money. They may have to rely on cheaper forms of promotions such as social media or play at lesser known gigs.
With such a small company, the workers may not be as effective or produce the optimal standard.