Vantaggi
All depends, if you are a technician, a post-doc, an assistant, benefits are good and work load is very low and no stress. However, if you are an assistant professor you have tremendous pressure by the greedy administrator that by the way are old faculty that have multiple positions, for example, the president of the university was the chairman of pediatrics and the for many years the dean of the medical school; others are full time professors, chairman of a large department, vice president of research and executive director of an institute and the list go on, just check by yourself. For a start faculty there are really very few pros, low salary, high pressure by the administrators to get grants and if you are lucky and negotiated a start up package, the package is lower than average, and they just gave you an office and forget about you, no support, advice, etc. Your are on your own but you will be evaluated by your peers and criticised and compared against senior faculty.
Svantaggi
There are many, as I said before if you are not a faculty your will have a very low stress job with average benefits and salary but if you are a starting faculty you are doomed.