Pros
One can be ambitious, yet secure. Everyone strives to break the ceiling of what's possible, so one is constantly driven to do better (which can be stressful), yet there's a high level of job security, so one doesn't have to become overly anxious. At the same time, much research is product-driven or management-guided, so there is less freedom than one might expect.
Cons
There are very little HR scaffolds/structures, for instance, there is no way to provide feedback about one's own manager.