Pros
Working at a University allows you to be surrounded by intelligent people invested in creating a better learning environment for students. Tuition waiver is included in benefits package (for the employee, spouse as well as dependents) so you can continually learn, take classes and earn your degree without worrying about loads of debt. The sense of pride and community that comes with working at a university is unparalleled and just downright fun.
Cons
The pay is low, and they do not generally give out annual raises. Considering most positions want you to have your master's degree and only start out paying 25K - 30K is ridiculous. In order to move up, you have to jump around from department to department, creeping up in pay each time. They put a 20% cap on salary increases - this means that if you enter as a Management Intern (making next to nothing) no matter what job you get next they cannot pay you more than 20% of what you're currently earning, even if the position is a significant increase in duties/responsibilities from the previous position. I feel that this is why employee bounce around from department to department often. Its the only way to continually increase your salary. Terrible pay structure!