After working at a University for a few years, I have learned that working at a University is cool, and that it is worth being paid a bit under market value for sysadmin work:

• Lots of good looking chicks. Everywhere.
• Open, high quality access to Internet.
• Emphasis on providing a rich computing environment to users, rather than simply making more money.
• No having to deal with corporate culture and pointy-haired bosses. I find this to be one of the primary advantages.
• Great campus to work on, and a kickass cafeteria (at least at my place of work)
• Beautiful 155Mbps connection to Abilene, AKA Internet2.
• Job security, since it's a state University.

There are other reasons, but I find the academic environment to be an enjoyable place to work. I'm probably not going to leave my current position unless someone gives me a *VERY* tempting offer.