Pros
I worked directly on the final product; I wasn't performing work to help others make the project, nor was I stuck working on boring, menial tasks. While an intern, I was given work directly on the final project -- Ringtail 8 -- and there was no micromanaging from anybody above me. I was considered a full and equal member of the team, albeit one who only was there for a limited amount of time. I was given a section of the product and it was my section and my task to make it work, and I know that there are users out there now who are using what I as an intern wrote.
Cons
Innovation wasn't always the driving force. The software given to the user is innovative and definitely something unique, but there wasn't always time in the development cycle to branch out and look at new and unique solutions to problems or to see if there might be an even better way to accomplish the tasks that we were working on.