Pros: it's fund to walk to work. interacting with the students is interesting.
Cons: if a professor publishes enough papers, he can abuse his employees any way that they want and the university will look the other way.
I work for a male professor who routinely finds it necessary to manually adjust his crotch area when talking to me. Once he even unzipped his pants to do it. He has even done this in staff meetings when women were present. The pay is well below average (around the 25th percentile) but we are expected to work a minimum of 50 hours/week. The professor treats his staff with no respect. He has called an impromptu meeting that lasted until almost 6:00 and several impromptu meetings that lasted 2 hours or more and ran through the entire lunch hour. We are required to cc him on every email that we send, even to each other. Even though we have to write daily work summaries and he generally talks to everyone every day and then have to report on our work at weekly staff meetings, he claims that he needs to read all of our emails so that he can see if we are doing any work! He pressures the grad students into taking the minimum number of classes so that they can spend more time working for him. We never discuss what we should do or how we should do it or how long tasks should take; he arbitrarily decrees EVERYTHING. He'll spend an entire evening working on something but tells everyone that he did it in 40 minutes. Then he will expect us to perform similar tasks in 40 minutes!