Pros
(1) Environment -- physically, you have space to enjoy the outdoors and take in the beautiful campus. On another level, you are working in an environment where cutting-edge research/knowledge is produced and shared, making what you do all that more meaningful (2) Work life balance -- by 5pm, you are done and no need to worry about work when you get home. (3) Benefits -- you have free use of the gym and libraries, even for your spouse. There is a lot of support to help you maintain balance in your life, whether it is to be more healthy, or to take care of your aging parents. You also have a set amount of money to spend for your own career development (roughly $800/year). (4) People -- in the academic environment, people are more laid back than the corporate world.
Cons
Bureaucracy -- it can take a while to navigate the various sytems (especially financial systems) to accomplish what you want to do. It at times can feel like I work for the government as things churn much slower than would be at a for-profit corporation. Many of the systems also don't integrate well, and much productive time is lost waiting for the data to be produced from online queries.