Pros
Incredible benefits, worth 40% of your salary. So much time off it's hard to use. Great health care, 36 hour work week (if your boss doesn't make you work more), slow-paced.
Cons
So much time off it's hard to use it all without losing it with annual rollover caps. Pay is terrible. In theory, you come for the benefits and the lighter, less frenetic workload but that very much depends on who your boss is and what team you work for. I worked for a very mismanaged research center where my manager expected everyone to be available 24 hours a day. Most PU departments operate at a snail's pace, no sense of urgency even on urgent things. Independent faculty doing cool things but the institution is very lowercase c conservative. No pathway for advancement, especially on smaller teams.