Pros
Benefits are pretty good if you don't factor in the mandatory 11% you must contribute to the retirement system. With the right employees, the place is phenomenal to work at, but I suspect that's the case at most organizations...it's the people who make up 80% of the experience.
Cons
Generally speaking, you'll be underpaid compared to the private market. As a state institution, this isn't unexpected, but given how much money the school brings in, the HOW much less is pretty staggering. You also have to account for the 11% state retirement you have to participate in (or mandatory 401(k), which reduces your take home further. From my experience and everything I've heard from others who worked in the ASU system for a long time, you will NOT get merit raises. At best, you'll get COLA increases. If you want a raise, you'll need to move to another position within the university. For all its talk of sustainability, the university is pretty much against the concept of remote or telecommuting. While it's partly up to your manager, it's not something the university overall seems to endorse. You'll pay to park, perhaps a LOT depending on where you work and where you need/want to park. There are some less expensive lots available, but you'll be walking a considerable distance.