Pros
If you are a cutting edge scientist or your job is indispensable, you are set. Some departments are wonderful to work for, but others are toxic. Benefits are fine for now, but they are seriously declining due to budget restraints.
Cons
Depending on the department you work for and your job responsibilities, this can be the greatest place to work or the worst. OCFO (Office of the Chief Financial Officer), in particular, has a very bad reputation. Do not apply for a job in this office if you find an opening! They have a habit of firing people before their 6 month probation period so they don't have to pay severance or COBRA and then they will repost the position to squeeze 6 months work out of the next person before they get fired. This practice has been going on for years. Upper management has been bringing in their own people under sketchy business practices, something well-known within the LBL community. The problem is new people have no idea what's going on. People change their lives to get jobs here and management has no problems forcing them out early leaving them with no salary or insurance. Everyone in this company is very nervous about losing their jobs right now.