I've done this. It can be hit or miss. Get a great team with a strong lead and you'll love them. Unfortunately there's quite a bit of opportunity over there so once you've trained them up, they're always looking for their next (better paying) gig with their new skills. It's rare if folks last past a year on your team.
There are so many incredibly talented software engineers in India that want to stay in India for family/cultural reasons. The best setups I have seen have one very reliable senior person who experience working in EU/NA, then returned home. They can help with the cultural barriers with more junior hires. Further, if you pay 20% more than your competition, you can get way better candidates. My experience is also pretty similar with offshore teams in China, but their English skills are worse (on average).
