Prós
Decent benefits, but not really as great as everyone assumes. Some colleagues who really care and do great work. Impressive students.
Contras
Relatively poor pay and pay inequities. Extremely poor fiscal management - that CFO who was fired for outing it was spot on.
Senior administrators and faculty are incentivized to spend a lot of money on things that serve few students and hoard resources to make themselves look good for performance reviews and tenure committees, but it means a lot of extra work gets dumped on a growing a number of mid-level administrators and support staff - who now face layoffs or added workloads.
It's all strangling the university's ability to serve its students, but I know several faculty members simply don't care about students or teaching.