Pros
The biggest determinant of your satisfaction in graduate school will be your PI and lab environment, so pick a good one. The graduate school pays all health insurance premiums, which is great. The student insurance is also pretty decent, especially if you use health services on campus or under the OSU name.
Cons
Being a graduate student is tough on the wallet. But it is the same at most universities. Another factor to consider is that the hiring/job system at OSU for staff is ridiculous. We have lost some good lab techs because the university wouldn't let my PI give them a raise because they hadn't been at the university for long enough to "qualify" (even though my PI really wanted to keep them and was willing to pay them more). The loss of these staff members impacted team productivity. But not sure if this is different elsewhere.