Pros
Good pay especially for students and all materials/equipment are sponsored by grants. Also, gained many experiences in data management (as you are responsible to keep track all data), preparation of publications (depending on the output expected) and plus, learn how to do research. great way to networking with industry.
Cons
At first, might struggling to learn the job scope and you need to juggle between completing your own research and completing the grants milestones. Also, required great communication and good relationship with your research leader (usually your research supervisor).