Pros
Health insurance. Some flexibility with work schedule to accommodate e.g. sick kids, doctor's appointments, etc.
Cons
Utter lack of leadership. People in high positions have no real-world experience in the areas they oversee. Some of those people are using their positions to generate PR for themselves at the expense of, for example, an entire graduate school. Overall there's a disconnect with reality, with common business practices, with sensible business processes. Lots of lip service is paid to diversity and innovation, but it's an embarrassing joke -- there's little of either. I was hired in a managerial role because of my area of specialty, but the majority of my time was spent mitigating appallingly stupid situations having to do with university policies that change on a whim and without announcement, making it very difficult to do one's job, as well as explaining things like social media, SEO, and basic advertising practices to higher-ups who never actually got it. To say nothing of the time I spent just reading things to one of my many supervisors because she refused to wear glasses because they made her look old. I wish I were making this up. It's so bad that no one believes you except your co-workers -- and I heard that over and over again from people who started after I did.