Pros
RAND produces cutting-edge research, evaluation, and policy analysis that shapes societies and communities. It was a privilege to work at this renowned institution. Everyone is unbelievably smart, sharp, and hard-working. The tremendous portfolio of work across various policy spheres allow you to branch out, working across disciplinary bounds in a way that is unusual for an institution. The support structure is excellent - from administrative to grant/contract processing to finance to media/communications. Things just "work" and operations flow very smoothly.
Cons
Getting project work is the biggest challenge. RAND is an internally competitive job market, even after you're hired you must constantly work to get on projects. Research staff are expected to bring in their own funding, or join forces with other researchers that have funding to cover their time. The projects don't just come to you, you must go out and make them happen. There are pros and cons to this.