I have been working at University of Pennsylvania full-time (Less than a year)
Pay and benefits are competitive, and there are plenty of perks especially for people who are interested in the intellectual and cultural resources that a top-tier university has to offer.
It's a big institution, so patience is sometimes required for administrative issues, but it's really not that bad. I've heard it's difficult to advance, but I haven't asked for a raise or promotion yet, so I can't speak from personal experience.
I applied through an employee referral. The process took 4 weeks. I interviewed at University of Pennsylvania (Philadelphia, PA) in July 2009.
Was notified about the position through contacts, but it was also advertised widely. Applied and in less than 3 weeks had one on-site interview. Was offered the position soon thereafter.
Very little negotiation - I know my industry well and the position offer was just fine!