Pros
It's decently flexible, in a good location, and has prestige. However, I would say it's only good for building your resume.
Cons
They will not pay you what you are worth. They will give you the work and responsibilities of two jobs and refuse to promote you. All this despite the fact you have over the qualifications necessary your job description and what you are doing currently exceeds the responsibilities of the descriptions on their own HR site. They will ask you to forfeit benefits like insurance so they can "save money" even though you are entitled to them being full time. Basically they don't want to pay you and quite possibly don't have the money to do so because of their overhead being at 99.5 percent. If you are going to work here I recommend getting in and out fast just so you can put their name on your resume and go to a better company. If you look around the halls you'll notice many empty labs because universities like Rice have been able to offer much better accommodations for the scientists.