Vantaggi
As a full-time employee with decades at the university, I have more vacation days than I actually use. Health insurance is good by U.S. standards (which suck; we should have a civilized public health system like the Nordic countries), though it has gotten steadily more expensive and shifted costs to the employees over the years. I've been lucky, and have always had good managers. Despite problems with how higher education is done in the U.S., I feel good working for a public institution that teaches our children and conducts a tremendous amount of valuable research.
Svantaggi
As is typical with universities, it's not a particularly agile organization, and the bureaucracy can be ponderous. Wages are much lower than in business circles, but the benefits and general stability of the jobs help compensate for that. If you want to advance in your career, you generally need to switch jobs.