Pros
good research environment, highly collaborative work, great opportunities, good funding, nice town, low cost of living, prestigious degree, huge alumni network, some companies only look here for those in the STEM fields, top research professors.
Cons
Stipend for students is significantly lower compared to other Big Ten schools. HR is not there to protect you, it is there to protect the university - before and after the Sandusky scandal. I had many female friends who had issues with stalking, sexual assault, rape, rape threats, etc and the department and school took action against or threatened the victims with expulsion, etc. There are good people there in the staff and faculty working to remedy this but they are outweighed by those in power who put the university first. There is a large lack of cultural diversity awareness among most students and staff.