Pros
University automatically contributes 5% or 10% to retirement account. 35 hrs/wk with lots of holidays and vacation off, and you're actually expected to work no more. If you regularly work more, management will talk to you to ensure there isn't a problem with unreasonable expectations or similar. Of course overachievers are welcome, but they intentionally avoid being overly demanding or causing people to burn out. All employees are entitled to tuition remission - a great way to get a degree. Depending on your personal situation, free tuition might be considered taxable income, so it might not be completely "free" for you as you pay more taxes, but it's an excellent benefit that many employees enjoy.
Cons
Salary is below industry, but this is compensated by the other benefits - work/life balance, retirement, and tuition remission. Funding is sufficient for reasonable tooling, but you don't always get best-in-class tooling or resources.