Pros
Excellent benefits and compensation. The employee tuition waiver is especially nice. Many of my coworkers are working toward a graduate degree. Staff, faculty, and students all get to ride public transportation for free which is nice when gas is so expensive. Employee discounts on restaurants, computer software, and gear. Depending on what school you work in, there may a lot of perks such as nice lunches out, free football tickets, and expensive birthday gifts.
Cons
If you have a bad boss, the compensation doesn't make up for it. Believe me: I know. If you work in an underfunded department, you won't get paid as well. Several friends work in similar jobs and make much less than I do. As in any university, nepotism is rampant. Advancement is not about performance; it's about schmoozing. Several associates in my area got their positions just by saying they wanted them. There is also reverse ageism. Younger employees have no voice and are treated as if they do not know their job, even if their performance is exemplary. However all of this is a hazard of working in higher education in general.