Pros
There are so many different types of projects to work on. You are working with the best of the best. The work is exciting and innovating and you can gain experience in several different areas if you want. It has also has a fairly good benefit package with generous time off. But that is about to change for the worse.
Cons
The contract change has really changed the atmosphere of the lab. I probably would not recommend it to new people as a great place to come and start a career. Employee morale has gone down considerably and many people no longer trust senior management. If they couldn't see many of the problems they are having with the transition when employees were asking about those same problems before the fact then how can they be trusted to lead us into the future.