Pros
According to Westat, you get all the free coffee and tea you want. Seriously, it is pretty much an eight hour work day which is good.
Cons
Incompetent middle, senior and executive management. Very clique-ish staff. There is an inability by staff and management to be fair, impartial and professional with staff members. A lot of the people who work there base their professional assessment of you on personal crap rather than the content and quality of your work. So if they, for instance, don't like the way that you wear your hair or if you are a little geeky, etc., but you are a great worker, your yearly review will be severely influence by the personal stuff rather than the professional accomplishments. Also this personal assessment stuff affects how well new staff is mentored/trained.