Pros
Being part of something meaningful and bigger than yourself, working with smart, talented people from diverse backgrounds and experience; competitive pay. President could take second career as a comedian. Very fun meetings. Execs seem genuinely interested in making it a desirable place to work.
Cons
Support for ongoing projects wanes quickly in favor of efforts to win funding for new projects, leaving projects under-funded and under-resourced to succeed. High turnover; low retention - many see it as a stepping stone to what's next rather than a place to build a career. Don't expect mentorship or leadership development; no one has time for it. Talk about making X PRIZE a desirable place to work but then watch employees attend to whims of execs (e.g. fetching lunch or diet soft drinks at routine meetings). Hard to take C-suite seriously about sharing post-recession hardship with employees when CFO buys a Bentley.