Pros
Working for a well-regarded institution devoted to public service and knowledge creation is pretty great. The social impact of the work is palpable and the resources available are great. Benefits package for full-time university employees is decent with good retirement contribution (if you contribute 4%, they contribute 5%) after 1 year of employment. The people working here are usually intelligent and friendly. Access to all the speaker events and other academic and cultural events on campus is a huge, huge perk. Very vibrant place to work. Plenty of opportunities for professional development. People can respect your work/life balance if you do a good job of communicating your needs in advance.
Cons
It's a huge institution with the requisite bureaucracy. Working in development, in particular, has its fair share of bureaucracy to deal with that sets a hurry-up-and-wait-like pace. Often, the motive for projects remains a mystery due to need-to-know policies regarding donor information, so you gotta be able to trust that your management is setting the right priorities for your team.