Pros
The best engineering college in the world. Top-notch research and facilities. The best place to be for graduate research in the world. Experts in all engineering fields: controls, aerospace, electrical, chemical, civil. The professors at MIT are the smartest people you can find. Some of them have already received Nobel prices, others have published hundreds of papers or written several books. There is also a social life at MIT if you know how to have a life/work balance. There are hundreds of student clubs ranging from music, sports, dancing, etc. There is also a huge gym and many sports arena. Overall, it's a great place to be, and I feel very lucky to be here.
Kontras
Long working hours. Very demanding. The professors work very hard especially to get tenure and stay at MIT. So their students are usually working long hours trying to meet paper submission deadlines or/and internal deadlines. This is not the case for every professor, but many of them are not the most social people, and working with them might be awkward in some cases. Students are not paid that much, but I think it's comparable to other big schools in the States. Holidays can be short depending on the advisor, but overall, it's decent number of days. One could also argue that weather is great in Cambridge but not me.