Pros
Reasonable retirement place for seniors who no longer care about the stigma of working for the junk bond King.
Cons
If your read the article 'resurrection of Michael Milken' in Amemrican Prospect online, you will understand what the Institute is all about, how creditable its 'research' could be, and why all the reputable researchers are no longer there. (All the'fellows' are people who have already left!) Working for one of the wealthest man does not mean you can learn from him and become wealthy as he is--instead, you may not even meet him at all. Working for someone who has a strong network does not mean you can benefit from that network, or you can build a similar network---instead, you could just be busy making slides for others all the time.