Good benefits, if you can put up with bad pay, terrible managers, lack of advancement, and routine layoffs
Pros: good medical benefits, interesting place, some very interesting people
Cons: constant budget problems depressing salaries, and causing routine layoffs. a lot (perhaps most) of the management is stunningly bad.
There was a time when job candidates were told by UT Austin interviewers "If you take care of UT, UT will take care of you. You'll never see an industry-grade salary, but you'll come close. You'll have both good benefits and a good working environment. You'll work 40 hours a week, and we don't do layoffs."
They don't say that anymore, and will deny ever having said it. That's because it was only true up to a point when they said it (though even paying lip service to those ideals said something good about University values at the time), and would merely be a pack of lies today. The exception is the benefits, which are good, but remember that you're locked into the Teacher's Retirement System, so you need stay at the University long enough to vest, and with University-wide and departmental layoffs standard operating procedure since 2003, that's a lot harder than it once was.
Even as a Senior Software Engineer you're likely to earn at least $35K/year less than industry is paying, and your retirement (if you can stick it out long enough) will be based on the average of your highest five yearly salaries. For many years now, money for salaries has been so tight that holding your own against inflation has beeen problematic, so forget any fantasies about anyone doing the right thing for you in your last five years.
The software developer's career ladder has also been severely truncated over the years, which means that during your career, just a few promotions (your only chance for significant raises) are possible. Once you hit Senior Software Engineer, forget about meaningful salary – more... growth. (Job opportunities at UT are few due to the budget problems, so jumping between jobs within the institution is an unlikely source of useful salary bumps.)
In the IT sphere you can mostly expect bad, even actively abusive, managers. On the plus side, though, they are deeply concerned about career advancement and salaries. On the minus side, it is only their own advancement and salaries they are concerned about, so the politics among them are vicious and that trickles down to make already iffy and chaotic working conditions even worse.
As various people have said of the management: Those people are so bad, that even if they're not trying to make you so miserable that you'll quit, quitting is your best option. And of the UT employment experience as a whole: Get out - get out now - it'll be the best move you've ever made.
Don't be fooled into thinking it is a rich University due to all the construction on campus, the new medical school, etc. That is funded by the Permanent University Fund, private donors, etc. Staff salaries, on the other hand, are funded by the Texas Legislature, which seems to be opposed to public education at all levels. – less