Pros
Benefits are pretty good, especially the remitted tuition seem to be in the top tier of education institutions. Full tuition coverage for your dependents after 3 years worked (even at other approved colleges!) The university wields a lot of power and influence in the community, so you can get a sense of feeling proud to be working at a very prominent institution in the area. The cost of living in the area is pretty cheap.
Cons
As has been said, the bureaucracy is very real with plenty of policies and hierarchies to get through to be able to do some. There isn't too much room for empowerment for 'lower' employers to do what needs to be done, which can be extremely frustrating. Full-time at the university is at 37.5 hours instead of 40, which to me feels like more of a cost-savings for the university, but it can really add up in lost time/money for employees. In general, I don't feel paid well enough for the job I do. The weather can be so terribly dreadful in the winter...this cannot be overstated! Bring plenty of Vitamin D. It's not too bad in the late spring and summer, but expect to go without seeing the sun for weeks at a time. The university is VERY behind the times when it comes to implementing technology. Examples: we just upgraded to Windows 7 a few weeks ago from Windows XP, I have seen our current office telephones on old episodes of Mary Tyler Moore, and there are plenty of things that needlessly still require papers/forms.