The Blue Board

Ah yes, I forget that fact.

My homeboard is BoL...

My wife is a college professor and she loves it.

Perks:
- you largely determine your working hours (wife is not a morning person)
- you find research and writing rewarding, then go to a state research 1 school or prestigious private research school
- shaping young minds is your thing, go to a small private teaching school
- mix of the previous two can be had a most directional universities (eg Northern St U). My wife chose this as she likes research and teaching, but didn't want the pressure of getting published in several tier 1 journals (she is doing fine in this area).
- lots of time off, from holidays to breaks and summers
- depending on which college, good $$$ ( or bad if you are in the liberal arts, sans math dept). Unless you go to a small private school, you will start north of 100k in the college of business.
- other than class and faculty meetings, you can basically work from anywhere with an Internet connection.

Cons:
- unless you get some company/govt paid PhD program, you will be broke for 4+ years
- better be able to sell your desire to get published (otherwise you won't get in to a program worth a crap).
- must start at a location with an assistant professor opening (entry professor). This can be limiting geographically