Pros
Excellent benefits, especially health care options, on-site highly subsidized fitness classes and world-class athletic facilities, and free public transportation passes with good connections to rail, bus and an extensive campus shuttle system. Beautiful campus with fantastic food. Surrounded by smart, highly-motivated and professional employees. Generous PTO, including 2 weeks of time off during winter closure each year (last 2 weeks of December). Very good 401(b) matching program.
Cons
Every department is it's own little kingdom, so in day-to-day work, your degree of independence, career growth, work-life balance and sense of purpose is hugely dependent on the leadership and policies of the particular department you work in. This is especially true of academic departments, where faculty personalities loom large. Non-faculty research career tracks can end up as a dead end, or feel isolated from the university itself. Even by Silicon Valley standards, Stanford's ranks are full of super-over-achievers, which sets the bar very high and can be a challenge in finding work-life balance, no matter how much emphasis on balance the official administration touts. Housing prices surrounding campus are some of the highest in the Bay Area, so unless you've already made your millions elsewhere, plan on a long commute.