Pros
NYU has great benefits- from medical/dental to tuition reimbursements to a very active campus- there are always events happening somewhere (including many a free lunch). The work itself can be rewarding- depending on the department. You can have a good level of autonomy and there are many opportunities to carve out your own niche.
Cons
Again, your mileage may vary based on the department/school that you work for- NYU is broken into several schools that operate fairly independently. While there are a lot of great people working at NYU, there are many who are not competent and not nice and they are just entrenched in their positions. The further up the chain you go, the less oversight there is. Do not expect to be paid well unless you are dean's level or have serious connections.