Pros
Beautiful campus, amazing students, surrounded by bright people (staff, faculty), access to thought leaders. Great mission, and prestigious institution. Can be a career launch pad. Good benefits.
Cons
Universities have a lot of stakeholders, faculty come first, followed by students. Staff are a low priority. Highly political work environment, backstabbing occurs regularly without impunity, very difficult to get promoted particularly for women, openly sexist (and generally incompetent) HR staff. Very high churn as they can't keep up with the potential of their talent. Only exception is for GSB alums who can fail their way up at will. Work life balance varies greatly depending on your department/manager and job function, but in my experience is not valued. Values are all talk, rare that they are adhered to in action (the Dean stepping down is the tip of the iceberg). Huge morale issues.