Pros
The employment situation varies vastly across the university depending on which school or unit you are working in. There can be great challenges, stimulating colleagues, very decent pay, nice work life balance. You will succeed if you master the art of nuanced relationships and influencing others.
Cons
make no mistake about your position-- if you're not faculty, you are low in the scheme of things. If you like watching paint dry and consider that a noble career pursuit, this is the perfect environment. Great suggestions and ideas can be threatening to the more established leadership hierarchy, so recognize that incremental progress is reality. Decisions don't get made; politics are murky. Real career movement is limited since schools/units don't want to share their talent and it's about who you know.