Pros
Extremely nice staff, always willing to help if you have money to share. World-class experts in every obscure field imaginable, so if you need help just ask around. Salary and benefits are excellent, and work-life balance is better than most. Kind of an average between government and private industry in most ways. You'll never get hurt on the job, because safety is the primary consideration. The mountains are beautiful, and it's not too hot or cold. Very sunny.
Cons
You might never get any work done because of the obsessive safety and security concerns. It's obvious that managers get paid based on safety and security compliance, not work accomplished. There is not the same pressure to publish your work or develop products like there is in grad school or industry, which can lead to resume problems. Comfortable like warm quicksand - you won't want to get out, but may have a hard time if you try. Albuquerque is a desert - seriously, you'll wear lotion year round. Not too hot like Phoenix, though, since it's in the mountains. Your brain will atrophy due to the lack of intellectual life, though. Stay away unless you are married - the dating pool sucks for young singles. All the smart young folks move away (or work at Sandia). If you have kids you may have to put them in private school. Check out the public school site before you come (www.aps.edu), this is one of the poorest cities in the U.S, and it shows. Lots of homeless people, even whole families not rare.