Pros
Very research-friendly environment. Pretty agile administration for what concerns grants and facilities. Great undergraduate students who make the teaching part quite enjoyable, facilitated also by the small class size. Benefits are reasonably good. Houston is quite a great city, though not pretty, and it has been getting better noticeably. It may sound trite, but cost of living, housing, are significantly cheaper than probably any other large city.
Cons
Benefits are not as good as one would think. Real estate market has gone up quite steeply in the central parts of the metropolitan area ("inside the loop"). In the last five years there seems to have been an explosion of the size of the administration, while at the same time faculty hires have not enjoyed the same expansion. I have lost count of how many vice-provost, associate-dean, and permutations, have been created! Never a good sign.