Pros
Caltech has great benefits, start off vacation was higher than most places. The location is lovely. There was a good sense of comradery among the researchers in my lab. Not to mention you are working at one of the world's leading academic research institutes. It is not uncommon to hear that people of interest are moving around campus, giving talks. Everyone from Stephen Hawking to Bill Nye.
Cons
The expectations of employees in research positions could be closer to that of grad students or post docs depending on the lab. Playing the game according to HR's rules is very different from playing the game using your immediate boss' rules. I have heard, though indirectly, that HR/higher-ups would rather let you go than discipline a professor. However this may be a problem in all of academia.
