Pros
During my internship at National Instruments I was able to work on interesting, real-world problems alongside many smart people. It was a great learning experience, and they offered opportunities along the full stack of hardware and software development. The program did a good job of finding apartments for the interns and getting them involved in activities around the city.
Cons
The development environment may not have suited everybody. It was an open office layout at the time I worked there, but developers were tethered to their desks since the company used desktops. This worked out fairly well, and I'm not sure there's a great way around it due to the special hardware requirements of many of the devs. An agile push was going on during my employment, and it felt somewhat forced/against the spirit of agile.