Pros
Friendly coworkers, good work/life balance. A great place for a first job or somewhere comfortable to work if you've already got the 2 1/2 kids and a mortgage and just need a paycheck. Benefits are outstanding and employees are treated fairly. You'll either work here a few years or 40 it seems.
Cons
Lack of mobility, raises capped at 2% a year. Promotions are unlikely as most departments hierarchy is flat and people stay here FOREVER. Project planning and documentation doesn't exist or is done in such an ad hoc manner it communicated much by word of mouth. Technology is treated as a cost center and not central to the universities goals even if given lip service by senior management. The administrative side of the university is run 50% as a business and 50% as a University and you'll have to deal with the bizarre result. If you work for the Academic side and your project is funded you'll have no issues.