Pros
Great research at one of the best R1 universities in a number of sectors (but not all). Opportunity to learn a lot, publish papers, collaborate with lots of great people. Our department has great facilities as well. Location in Davis is amazing, you can bike to work every day. Union is helping to improve pay, if I stayed my pay would go up about 30%. Health insurance is fine.
Cons
If you have children, don't have a wealthier partner or don't want to live with a bunch of other people, it is very hard to live on the salary. I qualified for food stamps except for a brief period during the summer working full time. The pay does not cover the cost of a 1-bed apartment, let alone daycare, food, recreation, etc. The new pay increases mean no GSRs will qualify for food stamps or housing assistance, which is both good and bad.