Pros
work/life balance is good for those who don't want to advance in their careers. The ones that do need to pick up their slack and compensate for the ones working from home or not pushing hard enough. The impossibility to fire someone makes it very nice for people who don't want to work too hard or have no ambitions. Great place if you want a safe and relaxed environment to vegetate.
Cons
Doesn't move. Very slow. Salaries significantly below market average. Management is non-existent. No manager has any training in actual management and handle important situations very poorly. Senior management has a very narrow (and aging) view of where the institute could be. Promotions are rare and not transparent. No bonuses or incentives to work harder than others. Huge disparity between different departments. Needless to say all the top minds it attracts, keep leaving every year except for the (aging) senior leadership.