Pros
Great benefits. Good work/life balance (although this may depend on the department). Flexible hours. No micromanagement (again, this may very from department to department).
Cons
Very limited opportunity for professional growth in terms of career advancement. There are opportunities and resources to learn, take classes, etc. But moving up the corporate/institutional ladder is a hard and slow process. It's an environment where young, enthusiastic and motivated employees thrive. It's quite a bureaucratic place that resists changes. Lots of employees with 20-, 30-years of service that hold mid- and high-level management positions so the opportunities for growth are limited. The only way to advance a career without leaving UCLA is to move from one department to another.