Pros
Salaries are good. Work-life balance is very good -- I was able to work at home regularly. Basically, I was able to take off all the time I needed, but performance expectations were not adjusted accordingly. There are many smart people at IBM Research, and it's possible to learn a lot. Seminars on various topics are offered constantly. I found that the variety of work was very good until the last year or two that I was there. I was able to transition from desktop programming to Web programming. Everyone who works at Research in Hawthorne has their own office, which is another plus.
Cons
The performance rating system is seriously broken. When I did well, I was told that "Your work was good this year" -- nothing more. Details were forthcoming only when management thought that my performance was inadequate. I was forced to resign after being given a negative performance review and being given 6 months to improve my performance. This trial period was a joke, as I worked myself to the bone to meet the goals that were given to me, and I did meet the goals, but was told that I had not met the goals. I believe that the motive for these actions on the part of management was age discrimination.