Pros
Caltech is a world class institution with worthy mission(s). It has a beautiful campus in a great location. The culture is generally positive and most management and staff are very good people. If you are comfortable clocking in and working hard, Caltech is a relatively safe place to work given alternatives. Caltech has good retirement benefits and paid time off.
Cons
The administration is a little "old school". One would expect Caltech to be a little more progressive and modern in its management approach and practices. Salaries are relatively low and while there are a some "benefits" such as the gym, parking, the Athenaeum, etc...employees pay for each of them. Caltech talks certain values including work / life balance but doesn't consistently practice them. Management focuses on staff time on and off the clock instead of performance.