Pros
Most of the labs conduct high level research, publish well, and use recently developed technology. If you want to use a cutting edge technique, there is likely someone at Salk already doing it and if not at the Salk, at least at another research institute within a mile or two. There is also generally good collaboration between labs, which is facilitated by the open floor plan. The diverse work that is done can facilitate unusual collaborations between labs that would not normally interact in a standard department structure, sometimes leading to innovate ideas and novel technique development. It is in La Jolla, next to the Torrey Pines Golf Course. The building itself has a distinctive architecture with many beautiful views and angles, though you can't see the ocean from the labs themselves.
Cons
Postdoc compensation is based on national standards, which are low, and there is no job security as a postdoc can be fired at any time. Like most academic institutions, the working conditions can vary widely from lab to lab, based on the principal investigator. There are high standards for making tenure, which leads to relatively high turnover among junior faculty. There is a very diverse group of investigators, so you are less likely to find other labs that work on a topic similar to your own. The overhead fees charged to grants seem quite high.