Pros
Very smart people, very engaging environment. Most people here care deeply about research and education. Although Cambridge is a difficult place to which to commute, the environment here is rich in startups and other companies which complement the university environment well.
Cons
Not much room for professional growth, as academic structures are fairly flat. As innovative as MIT is, the management philosophy, management tactics, and process infrastructure are fairly old. And, although the research quality here is second to none, the MIT model of research is very "top-down" in that research products flow downward from faculty to research scientists to the rest of the institution in a very "Bell Labs" 1960's model. This is not a very modern view of innovation and where it can come from in a large institution, and in that sense does not always prepare its students and staff for life outside of academia.