Pros
Great benefits and some flexibility depending on the college you work for. Generally its a pretty good community of academic staff, faculty and scholars so you cant complain about being in educated environment.
Cons
Because the institution is primarily funded by the federal government, so are your pay checks. Which means if the economy is bad, as it is in Michigan, you cant expect to see that much growth in your income. Academic staff went a full calendar year without a raise, and the next year raises were 1/2 of the cost of living increase decided by the state (1.5%). Beyond that it comes down to the college you work for, so if they have less money in their budget, you are equally effected. I work for a broke college so, my raise was unmentionable.