Pros
Working for the university is great because of the tuition waiver, which allows you to attend ASU, UA, or NAU at an extremely low tuition cost (think in the low hundreds range). It's a great opportunity for you, your dependents, or your partner to get a masters or bachelors without loans or aid. Also, the health/dental/vision benefits are relatively inexpensive for great coverage policies.
Cons
Pay, pay, pay. It is a state funded agency, employees didn't see a single cost of living raise for six years, some were forced to take unpaid furlough days during the 'economic downturn' of 2008, and most of the compensation is admittedly low. In fact, the admit to the Board of Regents that the majority of administrative salaries are 15% below market value. They have worked to improve faculty salaries but, overall, they still lag behind market. Departments that are willing to negotiate pay are hit or miss but they do exist. This is a stark contrast with the salary of the executive and leadership level salaries who, at times, make astonishingly more than administrators or the educators that make the university worthwhile. There is also the mandatory Arizona State pension / retirement contribution, which now takes about 11% of your gross income (about 15% of your take home pay on average). ASU matches this contribution dollar for dollar; however, unless you are laid off in a reduction in force, you will not see a single dollar of this matching contribution should you leave before you retire from an ASRS agency. So, don't count on this unless you're older or plan to spend 25 years here. If you do use the waiver, all of YOUR graduate waived amounts over a certain amount per year will be added as income and you will be outrageously taxed on it. Additionally, any waived amount at the graduate level for your SPOUSE or DEPENDENTS will be taxed and taken directly out of your paycheck as well. Last, but not least, there is limited upward mobility in many (but not all) departments at ASU with limited salary increases for current employees - so come in from the outside at a high enough salary. Although the university has made some changes to increase competitive advancement, many people have been here for decades too long and still adhere to policies that prevent competitive hiring (e.g. current employees are limited to a maximum of a 10% salary increase when promoted or changing positions). Overall, not a terrible place to work depending on your reasons for working here. Expect to see at least 60-65% of your salary as take home pay and prepare for that when / if they make you an offer.