Pros
It's one of the few major employment centers for a non-academic track (i.e. staff) skilled molecular biologist in NYC proper. Most of the pharma companies are in North Jersey or Long Island. But then, the atmosphere is much more relaxed than it would be at, say, Abbott or GSK. Pay is a notch (or three) above the other comparable academic institutions in NYC. Also, of course, its high standards of care and noble mission make it a prestigious employer. Research is very well supported with funding, administrative help, and a beautiful new research lab building.
Cons
This is only personal -- i'm not terribly interested in clinical research so my opportunities are rather limited. But i wouldn't hold that against the institution. Few other downsides. It's a bit of a hike from the subway, but not as bad as Rockefeller University.