Pros

Excellent benefits, work-life balance, and opportunities to improve your situation. Of course it really depends on where you work at the University. It is a massive employer and your experience can vary greatly depending on where you are. I've had OK experiences and above average experiences. Being a large employer you can find yourself in a dead-end job with a not so great manager. The good news is once you work at the U it gets easier to move to other jobs within the system. In my time at the U I've known lots of people who started in less desirable positions with lower pay completely change their situation by simply doing their job and taking opportunities to move as they come up. This review applies to staff. The faculty world is a different animal.

Cons

Lower pay than typical for a given field. That said, I feel the benefits can compensate for the pay to a point. Being a massive employer you can find yourself in a dead-end job with a not so good manager.