Pros
The hours are flexible for college students. In Software Testing you had a minimum of 15 hours to complete per week during the school year and a maximum of 40. 8 of the hours had to be during normal business hours (M-F 8-5) just so you could talk with your bosses. But besides that one restriction it was easy to create a good schedule. Schedules were easy to change on the fly if necessary. Atmosphere is laid back, everyone was friendly and often joked around with each other. Casual attire, and you could listen to your ipod while working. Helps if the work you're doing is monotonous.
Cons
Not speaking from personal experience but just word of mouth from other employees, but it seems like the jobs are good for those with little experience or entry level. Once you work there for a few years a lot of people seem to "move on." In other words, not a lot of room for growth within the company. However you do get responsibilities and learn things that you would take to another job. It should be noted that there are employees that have worked there for 10+ years.
Somewhat large turnover rate, but only because most employees in the Test Group were students who were moving/graduating. I am only aware of one student actually being fired, but only because he wasn't showing up to work.