Pros
As a college student, I have interned in the "business" area :
* Very very open and flat hierarchy, you can talk to anyone and even intern ideas are valued and considered
* Endless job possibilites, there will always be something to put your hands on
* Exposure to various projects incl. diverse units, and lots of autonomy: you learn how to work and discover all aspects of internet start-ups
* Paid internship, nice and friendly colleagues, comfortable offices and equipment, free drinks at work, etc.
Cons
You might have to deal with grunt work before moving on more interesting projects; but in my opinion it is part of the intern deal: show that you are motivated and you will get to work on awesome projects.