Pros: you are treated like a person, not just a person doing a job.
Cons: some decisions have to go through a lot of different people so change doesn't happen too quickly.
My 1 year contract at the University of Waterloo was one of the best jobs I ever had. I found the work pace reasonable. They want you to do a good job, not a rushed job. I met so many people who were full time employees there and every one of them seemed very happy and satisfied. If you are fortunate to gain full time employment there you can even take courses at a VERY reduced rate, which is a huge bonus for those who thirst for knowledge. :)