Pros
The ability to snowboard every day of the week. Unlimited lift pass to all the Vail mountains and A-basin. Aside from job training, instructors have access to many free clinics to improve their own riding. If you become PSIA or AASI certified and return the following winter, you will be reimbursed for the certification fees. There are several events that inters are required to attend. The events are meant to help the interns grow professionally. The CEO Rob Katz spoke and took questions at one event.
Cons
I was part of the internship program the first year it was offered so things may have changed but the intern instructors are paid dramatically less than regular instructors and even interns in other departments. I lived frugally but even with tips I could hardly support myself, I netted -$700 for the winter. Instructor interns do however get significantly more time riding the mountain than say interns in the housing department.