Pros
Freedom; academic culture allows significant leeway in performing tasks that you want to do rather than tasks that corporate forces you to do. Because there are not necessary bottom lines in academic research, it is significantly easier to approach new avenues and methods of approaching scientific problems without an overt emphasis on returns and sustainability; in short, high-risk propositions do not have to be backed up with profit numbers and the only prerequisite is to achieve goals within a certain timeframe. This leads to much better job satisfaction and flexibiity in tasks, which in turn does a great deal to alleviate the typical tedium associated with a 9-5.
Cons
Due to the academic nature of the environment, progress can be slow and funding for projects are based on public monies or grants which can be difficult to obtain. Also, personal investment with the various projects in the workplace certainly improve morale, in that researchers have a vested interests in the projects that they pursue. The downside to this is that too much personal investment leads to extended work hours and effort without monetary benefit or gain. As such work is voluntary, it cannot be listed as a large downside, but nevertheless graduate student researchers often end up working much longer than their peers in the industry for a fraction of the pay.