I assume that your taking about the five year degree offered by IITs that award you a Btech and Mtech at the end of five years.

In my opinion it is a pretty good degree because

1. You get you're masters degree quicker.
2. You dont have to go through the dilemma of changing colleges after undergraduation.

You may also do an MBA after five years. So after seven years youll have a Btech, Mtech and an MBA.