Pros
As someone that loves physics and technology, going to MIT for my PhD was like moving to candyland. The breadth of research that goes on at MIT is overwhelming. Very inspiring place to work and study. Students and professors are smart and typically passionate about their research. The opportunity to try out almost any technology exists at MIT if you look for it. Companies are eager to work with MIT so getting an internship if you wanted one was not difficult, from my experience (EECS and Media Lab). Finding good job opportunities after MIT has not been an issue.
Kontras
There seemed to be a culture of working all the time. My social life took a big hit. By the end of my degree I was craving the company of normal people. More stressful as a graduate student if you don't have guaranteed funding or a fellowship.