Pros: benefits, retirement, stable
Cons: pay, work enviornment
The best thing about working at the University is the benefits. The pay is so-so, but they make up for it with great insurance and retirement benefits. They have everything covered: health, dental, vision, legal, life, disability, I'm sure I'm forgetting something because the list is so long. They provide health insurance once retired for myself and my spouse. And if I die before my spouse, he will keep getting retirement pay and health coverage without me.
It is also hard to get fired or laid off. Being in research, we ran out of grant money and my boss had to lay me off. It was easy to move internally within the University to another research position. I did not go a single day without work.
As far as work environment, it is hit and miss. Each group is compartmentalized with their own "boss" and staff. They each have a different way of doing things. This can be good or bad. Also, with the University being so large and spread out, it can be hard to get to know people.