Pros
Many academic opportunities, great place to explore academic interests. Supporting environment, lots of support for personal interets. The university has diverse programs and offers top academic programs, in many varied field which you might not find anywhere else. The phyiscial setting is great, lots of green space, nature views, the university is obviously committed to the environment, with change made all the time. While some might find the lack of parking annoying, it encourages the use of mass transit. I found my time there to be positive overall, many aspects of which I didn't appreciate until I had completed my time there.
Cons
The academic environment can be very stressful. Many times, it can feel like you do not measure up to their standards or cannot succeed there. Support from the faculty, especially in acadmeic programs can be lacking, though some are more supportive than others. This is greatly depenant on one's indivdual academic supervisor. There is a sense that you never can escape work, and that you are never truly off the clock. Ithaca is an isolated place. Though there are many positive aspects to the town, it can be difficult to get out of town, as the closest major cities (New York and Toronto) are 4 hours away.