Pros
Very diverse set of projects available if you can navigate the internal labor market. Researchers at RAND are professional and kind. No hierarchy for the most part, except students have had little say in big administrative decisions which can be stressful. Best part of the PhD program are the excellent and friendly peers, as well as amazing professors for math/stats/operations research and microeconomics core. An excellent program if you want to become a policy specialist or work in government. A good-great program if you want to become an academic in public health/epidemiology or empirical economics. Economic theory courses train very well in understanding the intuition and fundamental mechanics of partial/general equilibrium and public economics.
Cons
The internal labor market takes getting used to and is highly competitive. PI name is usually anonymous when a work opportunity comes up. The curriculum could place more emphasis on statistics/microeconometrics, and less on the socio-behavioral sciences and policy analysis for the Research, Analysis, and Design stream.