Pros
The retirement plan and insurance are pretty great. Also, there are lots of perks, like access to the gym, which features two Olympic sized swimming pools, saunas, hot tubs, climbing walls, and an indoor track, plus great group classes at a way better value than you'd find outside.
Cons
The salaries are low, you don't get merit raises (in fact "leadership" will go out of their way to make sure you don't, just to keep the budget down) and the whole place is going the way of corporate universities everywhere--maximum profit, minimum instruction, minimum quality, and pretty crappy treatment of employees. My gynecologist is through the school health insurance and she recently told me that literally all of her patients are women who work at OSU and all of them are overworked and underpaid, so much so that it's affecting their health.