Pros
40 hour weeks--very few people work more than 8 hours/day. The pay is pretty good--as I was job hunting trying to get out, I kept hearing that companies couldn't meet my salary requirements, and I was only asking for what I was currently making!
Cons
Favoritism and cronyism were rampant while I was there. They don't like outsiders. They seem to prefer people who enter the lab fresh out of grad school and stay there for their entire career over people who join mid-career, as I did. Ironically, they lose those young people due to the culture of insularity. People at all levels join and all excited about new opportunities, but they can't get an in to those opportunities and leave. I have also never seen such petty undermining and backstabbing on the way up the corporate ladder.