Pros
It's ok to work there while you are getting your graduate degree, such as MS or PhD. You are usually paid peanuts, but instead you get free tuition. And Purdue University is very well recognized name among the employers. You probably going to start on a strong foot with your first job if you have Purdue University in your resume. Also, while working there you have a chance to interact with pretty smart and knowledgeable people.
Cons
Beyond the fact that you are not paid much for positions like Research Assistant or Teaching Assistant, which is a norm for all around academia, there is only one downside to working at the Physics Department of Purdue University. And it's a huge one. Everybody is completely wrapped up in the internal departmental politics. There is no real sharing of ideas between different groups, which is not really conducive to a healthy research.