Pros
It's great to see students grow as individuals, develop their own values and politics, and succeed on assignments by acquiring the skills specified in course objectives. It's also nice to apply the pedagogy developed over a long graduate student career and to know one's hard-won academic achievement is extrinsically valuable and practical.
Cons
Low pay, no benefits, no job security, long hours grading (depending on subject/course) very little to no recognition with little to no opportunity for full-time employment. This particular school had an issue with the administration asserting itself at will to the point of interrupting instructors' classes and admonishing faculty for voicing concerns about quality assurance programs and rewards which were offered with little to no regard for the integrity of institutional and professional practice.