Pros
Good benefits, 401K contributions, vacation, sick leave, etc. Small town makes it easy to commute, especially if you are used to living in urban areas. Typical small college town. Tuition break is good for employees/dependents, especially in Pennsylvania.
Cons
State College/Central PA is a "company town" where Penn State football comes first - the tail wags the dog. There is really nothing else in the region except Penn State, and the region is not very diverse except for the transient university population. A very tough place to live and work if you are not from the region. Because Penn State is the only game in town, salaries are suppressed unless you are a star faculty, and cost of living is artificially high. All of this makes it very hard to attract qualified employees with specialized skills.