Pros: university environment, health insurance, flexible schedule, loose dress code, lots of mentorship opportunites
Cons: low pay, lots of work, life after grad school a bit of a crapshoot, difficult for people who aren't passionate about teaching or scholarship
All the benefits and drawbacks everyone tells you about when you enter grad school. The pay isn't commensurate to the work, but the experience is incredibly valuable for developing skills. You're expected to be working most of the time, but aside from class periods, when and where you do that work is extremely flexible. And of course you're pursuing your own research at the same time, which makes you extremely busy, but on the other hand there's fewer better places in the world to do research than at a Research 1 University. I found the culture to be incredibly supportive and allow for a great deal of flexibility in how I taught my classes. Co-workers adn administrators are all quite helpful. The comparative lack of positions available for summer teaching is unfortunate but inevitable.