Pros
The benefits are very good. In some departments, you can achieve work-life balance with things like 9-80 workweeks and 4-10 workweeks, but check carefully since not all groups allow this. If you can work here as a *consultant* it's a very sweet deal.
Cons
The management style is right out of the 1950's. You must punch in and be at your desk exactly on time or your pay is docked, while managers come in 1-2 hours late, some every day. Career advancement here is far more political than most places. When internal jobs are posted, everyone pretty much knows right away who is going to get those jobs. Pay is 80-90% of market when you start, but contractually mandated raises of only 0-2% mean that the longer you stay the further behind you fall. There are no rewards for doing a good job, and no penalties for doing a poor one.