Pros
There is a lot of flexibility in terms of what counts towards tenure and promotion, and there is relatively little pressure to bring in grants or publish large numbers of papers. The students are very enthusiastic and always eager to work on projects with you. There are lots of opportunities to change your focus of you become interested in something new. In general the university is very supportive of faculty.
Cons
The teaching load is very heavy, and the time spent teaching each course is higher than at other universities due to high levels of interaction with students during office hours and projects. Many faculty members teach unpaid since hiring in many programs has not kept up with student growth. Pay is getting better but still lags behind many peer institutions. Politics can be brutal in some departments, and is particularly bad when it comes to curriculum or course changes.