Pros
Working on campus near the students and a lot of restaurants are wonderful. I was very proud to say I worked for the University. Many of your fellow colleagues are passionate about working for the University to help students, and you feel more motivated by them (not your upper management).
Cons
Consistently across the University, employees are underpaid and rarely receive raises. Departments over work employees, allow under performing employees to get away with it because management is too afraid to confront them, and then the good employees have to pick up the slack because they are dependable. People are promoted because they're favorites or they have been there a long time, not necesarily because they are the best person for the job. Several positions in my department were created and came out of nowhere to help out a favorite employee, while other employees working 60 hours a week consistently can not get budget for more staff to help them.