Pros
Competitive pay, at least in IT. I doubt salaries are as good elsewhere on campus, however. Retirement package is great, gym is on campus and inexpensive. The campus is beautiful if you have time to enjoy it. 37.5-hour workweek is nice. Little/no overtime is required to meet basic responsibilities of job.
Cons
Like any campus, SMU is political. You used to be able to avoid the politics in my department, but now they are part of day-to-day work which is unfortunate and distracting. SMU is also more corporate than most universities, perhaps due to their big-money image. We used to pull together towards common goals, but with everyone looking out for themselves after recent layoffs, we now pull in our own directions. Appearance trumps most everything in my department, with many wanting to look good to their betters and their peer group in order to retain their jobs or advance their careers. If you make yourself appear highly-responsive and hyperbolically gracious, you will be valued. However, "responsive" is synonymous with "reactive," which is unfortunately how we conduct some of our business. As for being hyperbolically gracious? Well, that's just irritating to your colleagues.