Pros
Phenomenal labs investigating great areas of biomedical research Flexibility of the graduate program (able to take courses at any school in NYC) Able to work for any lab, or two at once Each lab acts autonomously; so there is very little red tape, and it is incredibly easy to collaborate PhD funded by Graduate Program for 5 years Strong stipend with affordable housing on NY's Upper East Side Incredible support for students with children
Cons
Each lab acts autonomously; so your Principal Investigator (PI) has incredible influence on your experience (make sure you carefully choose your PI) Given the former, two PhD students with the same intellect and work ethic can have different experiences (which is partially the nature of science)