Pros
Being surrounded by interesting people and participating in lectures that are open to the public (not always easy to find)
Cons
Because firing someone is near impossible, managers across the board are confrontational and not well trained, having usually been promoted as a result of someone wanting to get rid of a poor performing employee. Further complicating this is the fact that faculty can act without reproach so they are often aggressive, manipulative and abusive with hires - thus the constant revolving door of good talent. Anyone competent is sure to leave before long. On top of the toxic work environment is the poor remuneration. Already paying employees well below market rate simply because they can, you can at most expect a 2.5% salary increase at performance review time, which is shared by both the "meets expectations" and "exceeds expectations" categories of performance review, thus eliminating the incentive to try extra hard.