Pros
Location Location Location. It is right off the beach in Santa Monica. How can you beat that. The great PRO for RAND is that the reputation is stellar. Once it is on your resume, it serves as great experience. I would consider RAND a resume builder.
Cons
RAND has so much potential, but is to caught up in being "RAND" that there is little focus on creating an amazing work environment. The unit I was in, was led by a highly intelligent, but ineffective leader, incapable of providing direction, or making a decision. He suffers from "analysis paralysis", which is a deadly combination for a think-tank. RAND is archaic at best, and operates in an era long gone. The attitude of management, including HR, is RAND first, everything else shouldn't be on your priority list. I had a convo with my HR rep and expressed concerns. Her response to me "this is the job you signed up for." NOPE! It was not. Glad to be out, wouldn't recommend RAND to anyone. Ever.