Pros
None. Well, flexibility and benefits? Flexibility only because no one really cares what you do (your "original work" will have to undergo several levels of scrutiny before it passes) so you can do what you want. And benefits ... I'm sure if you looked elsewhere in the bay area, you'd find that other companies offer far greater benefits. Stanford tries to entice with its "beautiful campus" (for what that's worth) and great health care, etc. While that may be a perk, it'll come with any job around here. And wow, you get access to that great, brand new gym! Looks so nice from the outside but when you walk in, you're just swimming in a sea of sardines. A hot sauna-esque scene.
Cons
I've worked in several departments at Stanford and have found nothing comes close to the School of Engineering with respect to the way they treat their employees. It's a male dominated society where you even have the department chairs telling their employees that "professors and staffers can do the same things...one gets a slap on the wrist, the other gets fired immediately". It's interesting to have experienced first hand what goes on behind closed doors at one of America's finest institutions. Where hard work and intelligence get you ahead in the classroom, schmoozing, butt kissing, and repeatedly putting others down get you ahead in the workplace (not to mention, complete neglect and reassignment of one's own work to others). Come to Stanford if you don't mind feeling like you're completely worthless and undervalued and if you feel ripe to take a beating from "management". The funny thing is ... a number of the top "managers" in the School actually never even completed their degrees, lying on their resumes about their qualifications. As if having completed an EDD or a PhD in English would actually prove their worth. Did I mention you're essentially working for free?