Pros
Great benefits, second to none in terms of healthcare options and retirement plans with incredible matches. A lot of learning opportunities that working in the private sector don't offer or have access to. Working in higher education and at a large university offers a unique working environment unlike any other place as it is like working for a self-contained municipality, so it provides true growth experience outside of the traditional "rat race". I was exposed to so many new things that have been fulfilling personally as well that I never would have gotten to experience on the "outside".
Cons
Current culture change and shock due to new controversial president. Staff (as opposed to faculty) salaries pale by comparison to the private sector, but that is mostly because of it being a state institution. The benefits help offset the pay inequity. Pay inequity is also prevalent across the board despite set, published pay bands. Not a lot of upward mobility in most positions. You have to love what you are doing to work there.