Pros
Good time off. Access to very nice fitness facilities. Many colleagues with lots of history with the institution. A general vibe of interest in education and lifelong learning. Beautiful campus. The $150,000 benefit -- children attend free, if they can gain admittance.
Cons
Whether you enjoy working at Rice seems to depend largely on what department you work in. Managers seem to have a lot of autonomy to either make your work life fun and pleasant or to micromanage and make your life miserable. Because there are lots of folks who have worked there for years and years, there can be some resistance to change and to operating according to best practice. It's that old "if it ain't broke" mentality. Also, I always found it odd that even employees must pay to park.