Pros
Excellent labs and well supplied with scientific equipment, many talented and good people to share ideas with. The compensation package is good (probably average or slightly better than the industry average).
Cons
The demands are constant from a heavy work load and high expectations. Be prepared to perform and fight to maintain your place in the yearly review process. They will use it to promote you or drive you out, and we are probably overstaffed now. It is a heavily PhD oriented culture. If you don't have a PhD your career options are very limited. Morale is low and budget ax is swinging, and the current economic climate will probably only add to this. We've gone through several waves of HR campaigns and company goals; it is easy to get cynical about them.