Pros: working in a university environment around interesting and diverse colleagues, good health benefits/retirement plan options, generally some lattitude in day-to-day decision-making, being treated as a professional
Cons: if your position is contracts & grants, your career can be short/e & g (line-funded) opportunities are increasingly difficult to find
As 12 month faculty, it is important to ensure that you lock in the salary that you want at the beginning, because opportunities for raises are often few and far between. You can get a 10% raise when you advance from assistant in research to associate, and there are occasional bonuses awarded, but generally, opportunities to advance are predicated upon changes in your job requirement or applying for a new position altogether. You can present offers from other employers to supervisors in hopes that they will be willing to match the offer to keep you, but these must be approved by the University President and are a rare event for 12 month faculty.