Pros
If you want an opportunity to work in a stunningly beautiful campus and city, this is the place to do it. Supportive friendly co-workers and a great benefits package where just some of the things that led to a very pleasurable working experience here. The quirks of the Academic environment might not suit everyone, but for me provided strong positives to the job. I was in IT and its much more satisfying to be moving the agenda of the University forward then increasing efficiency of some multi-billionaires widget process by .3%.
Cons
The pay is lower then the private sector. Mobility can be somewhat limited unless you scout around for advancement in other departments. Santa Barbara is more or less "small town" life (in California terms heh), might not be everyones thing.