Pros
The workplace culture and benefits are amazing. Everyone that I have worked with has been extremely pleasant and respectful. Work-life balance is highly valued. You rarely work more than 40 hours/week, and get more paid days off than you can use. The retirement and health benefits are excellent as well. Overall, it is a low-stress job with great people.
Cons
It takes forever to get any sort of substantial pay increase/promotion. I was hired 4 years ago and have increased my list of responsibilities and proficiencies far beyond an entry level position. Despite the recommendations from my managers and high performance reviews, the University can't or won't offer me a salary increase. This system is far from transparent and extremely frustrating. From the people that I have talked to, this is not an isolated case. Many (or even most) talented young professionals leave the University after a few years because their pay is not commensurate with the skills they acquire and the responsibilities they take on.