Pros
Good name recognition and a well-established reputation. Flexible work schedule for researchers. Mostly interesting work. Basic benifits are pretty good. The professional relationships are generally enjoyable at the project and project leader levels. When done well, RAND work can and does make a positive difference. There are unintentional opportunities for professional growth, but no expectation of promotion or advancement from this professional growth.
Cons
While RAND touts entrenuership and innovation as core values, there is almost no opportunity for mobility and a significant deference is given to "waiting your turn." Attempts at entrepenuership and innovative thinking by relatively junior research staff are often viewed skeptically and sometimes openly discuoraged by senior staff (especially management). Senior corporate leadership demonstrates little to no interest in the value or experience of individual employees. Senior leadership applies strict reason to all things and makes no real attempt to motivate, lead, or otherwise positively influence people. Management consistently communicates that individual researchers are replacable. This attitude leads management to deal with personnel in a domineering and unresponsive way.