Pros
As an intern, the pay at Intel simply can't be beat. In fact, it is very nearly what a newly-hired full-time engineer would be paid. There are also several non-wage benefits, including relocation reimbursement, cash bonuses, stock options, and medical and dental insurance. All of these great benefits are even available to interns! Also, there were several paid days of Intern Outings, where all of the interns would go out to get ice cream and hang out at a park, or something like that. Besides the pay, the culture at Intel is great. People are friendly, knowledgeable, and willing to help. The small working groups really help to make a large corporation like Intel still maintain the intimate feel of a small company. Small groups are able to get things done more easily, with less interruption from the chain of command. Although the working groups have the feel of a small company, it is great to be able to leverage the resources of a large company like Intel. With a strong focus on ergonomics and safety in and out of the office, Intel leads by example in providing its employees with the safest and most comfortable working environment possible. With a great variety of special interest groups, Intel is a great place to keep up-to-date with new technologies, or just refresh your memory of things you once knew.
Cons
Working in Hudson, MA, I was somewhat disconnected with the corporate offices on the west coast. I have heard it said that the closer one gets to the corporate offices, the harder it is to get useful work done without interruption. For interns on short work terms, like three-month rotations, the employee cash bonus program does not work well, since the amount paid is based on the number of work weeks since the most recent hire date. This nullifies any weeks in the previous work term that were not already paid a bonus, since there was a termination in between. In the Hudson location, there is some growing pain in the area of converging on a common tool chain. I imagine that this is an artifact of the several acquisitions that have taken place over the years at this facility.