Pros
Good work life balance, good benefits, job security. The campus is a beautiful place especially in summer. People are kind of buffered from economic downturns. It's also great if you want to go back to school at MSU, since MSU will cover the cost of education for you and your kids.
Cons
If you are not faculty, you are always a second class citizen. Of course faculty have big egos even though their skills don't count for jack in real world operations. Since the staff is unionized, there is no incentive for working harder, so the bright people leave sooner or later. And since the staff is unionized, it is pretty hard to get rid of people you would like to get rid of. Much greater emphasis is placed on faculty development than staff development.