Pros
Spent the better part of the last decade working at Harvard University. In all honest, I can think of very few workplaces that are as stimulating and enriching. I had world leaders coming to my place of work. I could (and did) run into Mikhail Gorbachev (and his entourage) in the hallway. People are always working on something important. The pay was the smallest part of why I worked there. Most all of my coworkers were extremely dedicated and worked hard to take care of the students. It was nearly always easy to walk into work because you are regularly looking forward to a new challenge and the opportunity to make a difference.
Cons
Let's be honest here. There were two major problems: attitude and bureaucracy. Many of us tended to avoid telling outsiders that we worked at Harvard. Doing so was referred to as "dropping the H bomb" and nearly always had an impact. Either people were overly impressed and would fawn or people would instantly assume hate you. Some co-workers did it because it made them feel important. I rarely let on that I was part of Harvard. Needed neither the hassle nor the headache. The other problem is the bureaucracy. After more than 370 year, there is some bureaucratic dead weight in the system. The institution is saddled with many procedures and policies that are wasteful and irrational. Additionally, the union has protects older workers who refuse to learn new tools and techniques necessary to get the job done. Personally have seen workers refuse to go to training for programs like Excel and then tell people they can't do a task because it requires Excel. And the union protects these people and facilitates this behavior.