Pros
A chance to make an impact on the lives of students. This includes students who would not be admitted anywhere else to students who could go anywhere they choose. Liberal vacation days when working for a college. Some of the nicest people and an overall pleasant work environment with wonderful colleagues.
Cons
The lack of financial ability to REALLY address the physical plant will occasionally mean teaching and working in extremely cold/hot classrooms, or working in an extremely cold/hot office, leaking ceilings, etc. The pressure to take on greater and greater work responsibilities, including grant responsibilities without additional pay. No raises for many years because of financial strains. Administrators can sometimes come off as bullies who 'encourage' performance of things which should be additional paid responsibilities. When that doesn't work, they just contractually increase the job responsibilities (no new pay). These are now so extensive that it puts them well outside the scope of staff and faculty at other institutions. Performance of duties that are not normally performed by faculty at other institutions including, starting classes weeks prior to other colleges without additional pay; hours and hours spent registering students including the first few weekends of the school year, The scope of staff work responsibilities which is often broad, constantly changing targets.