Pros
The benefits of being at a large institution are definitely many. There are opportunities if you really look, to interact with wonderful people, research, projects in almost any field. At the same time, the work you get to do is heavily limited by legacy systems that are slow moving and the constant scrounge for funding.
Cons
Academia moves extremely slowly unfortunately. Depending on which department you are in, are more importantly, the immediate higher management you work with will to a large extent determine the quality of the work you get to do. Which shouldn't be a problem, but it is, because for the most part, they are so over-burdened that they do not have the will, time or energy to invest in their staff. Resulting in high turnover rates and extremely low staff retention and satisfaction levels.