Pros
No one manages your work so you can spend your time however you want. You can do little to no work and no one notices. So that's nice.
Cons
Crazy high turnover rate because everyone recognizes what an organizational mess it is. Absolutely no opportunity to advance, even if you go above and beyond expectations and bring in grant money or lead successful prjoects. Management misleads staff on their ability to advance in order to get more work out of you. Management openly bad-mouths employees who leave without doing anything to actual retain good employees. Staff are not given the tools to succeed at their job. Management acts unprofessionally -- when they actually bother to show up to work (many are only in the office a day or two per week). Endless meetings lead to no action taken by managers. No one gives you a straight answer on budgets or funding, so you never know if your position is about to be eliminated. Generally, a very frustrating place to work.