Pros
Caltech is undeniably one of the top leading research university in the world. Researchers have very open mind to the neighboring research area and therefore there are plenty of opportunities to collaborate with other researchers in the related fields. Sitting at the edge of the Los Angeles metropolitan area, one can enjoy diverse cultural life as well as various outdoor life such as beach-going and skiing. If you are single and love sciences, this is the place to be.
Cons
Since it is mostly a educational institution, Caltech does not have a strong compensation system for its postdoctoral researchers. I guess this is true with other universities. Pasadena is a very expensive place to live in too. However,it should be OK if you are single.