Pros
When I began working at Stanford University, I was the youngest in my department. The majority of employees I worked with had been there for 10, 15, 20, 30, 35... years! Once you begin working at Stanford you realize, "This is a place where I want to stay forever!"
Cons
The one and only reason why I left Stanford after 5 years - the pay. However, if I were married and had a spouse to help out with half the bills, I could overlook the pay because working there is truly wonderful. The good far out weighs the bad. Of course, if you are single, you may not afford the cost of living in the Bay Area. However, that is why I left the University! I plan to make and save all my money now, so that one day I can return to the University and not worry about finances. Yes, I may not be there now, but I do plan to spend my last 15-20 years of work at Stanford University.