Pros
Like any job or career, your colleagues are going to be the biggest factor of a working environment. I have always got along with coworkers, and it's pretty easy to develop bonds with many individuals, especially if there is a sense of "in the trenches together" among them. As much as I don't like that sentiment, it is pretty typical. Either way, I am surrounded by helpful, supportive, and at times, really fun, coworkers and I wouldn't trade them for the world.
Cons
It really depends on the avenue you are in, but for the academic departments, the leadership and pay is abysmal. I have extensive experience in the academic research field, but IU has by far been the least supportive for staff I have ever seen. Staff are particularly the least supported group of employees in the university. I suggest those seeking employment at IU review faculty surveys of satisfaction. Most times, faculty carry the higher tiers of influence, compensation, and benefits, so I would take it with a grain of salt, but a recent Harvard-led, IU initiative, satisfaction study showed that even faculty felt that leadership and compensation was severely deficient.