Pros
The work environment is very friendly. People are willing to help. As a student they are willing to treat you like a regular employee if you take the initiative to ask for work. On the development side the work can be challenging. You are usually given a bug report and your job is to find the cause of the bug and attempt to fix it. Sometimes the bugs are very easy and I would run out of work. I'd have to ask my supervisor and he would tell me there is nothing left to do. Management does a good job of keeping people on task.
Cons
On the testing side the work can be quite repetitive. Every other week or so you are required to run a bunch of tests for other people. This involves loading the test and monitoring them while they ran. If you run into an error you are required to fix it. The work is very repetitive and sometimes you may be asked to run the tests manually. As a student there really were no benefits. The environment is business casual which can be a downside if you dislike wearing collared shirts or fancy shoes. I wasted money buying fancy shoes I hate to wear.