Pros
The research is cutting edge. There is a tangible feeling of impactful-ness of your work, and the University has the resources to take that research where it needs to go. What's more you will challenge yourself and reach levels you never thought possible. The prestige of the employer being on your resume opens a lot of doors.
Cons
The red tape and bureaucracy is overwhelming and often a constant source of stress and frustration. For instance, the benefits are very good, but good luck filling out all the paperwork to get them. And instead of simply paying employees a livable wage, they offer scholarships and assistance grants, all of which have their own applications, verification paperwork and arbitrary deadlines. The result is your average employee simply doesn't access most of the offered benefits available to them, because a reasonable person just doesn't have time. The effect is the atmosphere of a meat grinder, where people simply last as long as they can. Which is to say nothing of the cut-throat politics of the research labs here (although that particular problem is endemic to most Universities at this level).