Pros
Pays well for an undergraduate intern. 6k per month plus housing. I was in a hotel. Lots of people I knew loved it. Totally depends on your team. Looks good on a resume.
Cons
again this all depends on your team. My experience was long hours with less than clear goals. I was given an absurdly difficult assignment. This was later cut down but only after I wasted 3 weeks trying to solve it. (Significant portion of 12 week internship). The assignment was not possible with the code base I was working with. I got off the project only after I showed my manager that it would require a total refactoring (think 5 people working for 6 months) to get it working. The assignment I was given to replace the previous one was vague. It was boring. I did it but I hated it.