Pros
The Target internship program is extremely well regarded, and the program itself is very structured. People are, for the most part, willing to drop what they're doing to help you out. You'll see a lot of the company, and get to speak with Target executives and representatives from prestigious venders. Learning the inner functioning of retail can be truly fascinating at times.
Cons
My disappointment isn't with the Target internship program, but rather with the company's culture (I should preface my negative remarks by saying that this is purely my intern perspective, and not that of a full time employee). They made no bones about it to the interns: if you don't conform to the culture, you're not coming back after the summer. For all of Target's jazz about diversity, they sure love to label people and pigeon-hole them into categories. NEVER let anyone see you doing anything by yourself, or you'll run the risk of being labeled a 'loner'. If you're a frank and honest person, you'll be labeled as a 'poor communicator' and coached to be more passive aggressive (which is completely backwards if you're not from Minnesota). If you're not constantly setting up networking meetings with random people that have nothing to do with your project, you'll be labeled as 'too independent' and 'non-collaborative.' You won't have enough time for your project to fit it into 40 hours AND do all of the networking stuff - if you mention this, you'll be labeled as having 'poor time management' so you'll have to work from home (unpaid) and hope nobody finds out. Someone who is bubbly and bouncy and spends their time networking all day will fit in better than a laid-back results-oriented analytical person. It may make for a fun headquarters, but how is this productive for such a HQ-dominated retail company? I find Target's corporate culture to be surprisingly inefficient, backwards, and hypocritical. An atmosphere of diversity is not a place where you make a point of ostracizing employees for having differing personalities - who don't fit the 'brand'. I personally have been able to get through the internship pretty well, but I have no intention of taking them up on an offer if there is one.