Pros
Purdue University is a research focused school, therefore there are a lot of research opportunities for graduate students, in many different areas. Also, Purdue is well respected nationally and internationally, so having the name of Purdue University on your doctoral diploma can be a good thing. The university does have a lot of internal scholarships and fellowships, particularly in the College of Engineering. They also have professional development workshops on a regular basis. And the health insurance is not too costly. West Lafayette is a decent college town and a more liberal area for that part of Indiana. Indianapolis and Chicago are fairly close drives.
Cons
Even though the cost of living in the Lafayette area is pretty low, the average Purdue University graduate student pay is also pretty low. And that pay varies significantly by department. You may end up being a teaching assistant every one of your semesters here, for less than 15,000 a year. (On the other hand, outside scholarships like the National Science Foundation graduate fellowship goes a long way here). Also, Purdue University has a lot of bureaucracy and it is a fairly large school, so sometimes graduate students can feel lost and under appreciated here. The fees for engineering students are the highest in the nation, about 2,500 a year, which can be a significant part of your salary! And finally, the university is in Indiana - no oceans, no mountains, etc, so outdoor sports can be fairly limited.