Pros
Some departments (like gravity institute and materials/nanoscience) have world-class credentials, and therefore you will too if you finish your degree there. University's emphasis on bottom line means you need never shortchange your research by taking the extra time to teach a subject competently (don't worry, your students would rather be somewhere else as well). Unless you deliberately live far from campus, everything is within walking distance of everything else, or at most you'll have a 20-minute bus commute in the morning.
Cons
Godawful insurance benefits (foreign nationals can't even get those, and must purchase their own unsubsidized plan in order to be hired). 75-100 hour weeks during crunches, which last between 1 week and 1 year. Located in a midwestern college town: if you are single, there's not much to do, and if you have a family, you'll be afraid to take them more than a block from home.