Pros : 1. Youngsters get experience, money - more people are willing to take up sports because of the league culture in India and its scope of tremendous growth.
International icons playing alongside - young Indian players are playing with industry legends and as a result India has enough talent to fill two sides.
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IPL Model has been so successful that it is counted in the same breath as NBA & la liga. It adds to India’s GDP.
It has revived Cricket and the number of leagues popping all across the world shows the fever is catching up.
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Cons :
The big boost to the T20 cricket means motivation to play for country/ Test Cricket might be reduced.
Bad scheduling of IPL - IPL is scheduled in April and May, which are hottest months of Indian summer. Traditionally, these months were reserved for rest to the players before next season of Cricket - domestic and international - begins. But, this also means, players are overly exhausted, they do not have recovery time, they do not have time to operate themselves on injuries.
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All, well, yes practically all Indian players play in the IPL where each player plays around 12-15 matches per season. In this way, he gets over exposed, which otherwise he would not have (at least to the foreign coaches/ staff). This can be a reason why foreign teams have a certain strategy against certain player from very beginning.