Pros
MIT's reputation is unparalleled as a university in the US and it is a great place to be able to add to your resume. It is a great place to meet and form collaborations with other scientists as the breadth and size of the faculty is quite large. The variety of classes available at undergraduate and graduate levels can be very informative as well and a good chance to brush up on something or learn something new. The variety of seminars and speakers are also a unique function of MIT's size and reputation. However, I cannot recomemnd MIT on the basis of the location, housing, personal life options, and benefits.
Cons
The professors one works with can be a real chalelnge to deal with - particularly their egos. The environment is not very friendly, the buildings are awful, the offices have reratic heat/pest control problems/other problems. Campus crime is also a serious problem even during the daytime. The real problem is the lack of culture, eating spots, nightlife in the direct vicinity of MIT. You really have to go to boston or harvard to get a good bite to eat or do something interesting, which is fine but the direct area at MIT is really very dreary and cold most of the year.