MIT Sloan

Pros:
1) Rigorous academic reputation, strong brand throughout the world. Everyone knows MIT as a place you need to have brains to go to - see Ironman and 21, and I know the counter argument but 95% of people out there will not be able to differentiate the business school from the engineering school. However, the b-school is no slouch in academics.
2) Down to earth students and I just don't see "nerdiness" stereotype. A great deal of collaboration between b-school students and vastly superior collaboration between b-school students and other graduate students. I would venture to say no other school comes close in those regards, and this fact makes the school a powerful entrepreneurial environment in technology and biotech.
3) Faculty, research success combined with real world success.
4) Flexible curriculum outside the 1st semester core with the ability to cross register for almost no additional cost at HBS and all other Harvard graduate schools.
5) Under marketed yet vastly superior health care/biotech option, see Biomedical Enterprise Program. One of the biggest venture capital and biotech clusters in the world.

Cons:
1) Facilities, but a new building will be complete during the summer 2010.
2) Alumni network smaller due to class size.
3) The perception that students lack soft skills, but you be the judge.
4) Weather
5) Not seen as a general management track school, but again I believe this is primarily a perception problem and not due to actual content taught. However, it is an unusually strong feeder school to the big consulting firms.