Pros
* Gain a lot of experience in different technologies, both networking related and other. * Looks good on a resume * Meet people in industry, gets leads to jobs and good references. * Flexible hours, relaxed work environment. * Usually they let you stay on after school, until you find a "real job" * Good pay for students, beats working in the dining hall. Got me through college (with help from Uncle Sam).
Cons
* Your learning, development, and opportunities are somewhat tied to what consortium you end up working with, realize this and be willing to change groups. * Not much in the way of long term software development projects for CS students to learn industry skills. * Sometimes school work and IOL can conflict, recognize this and put school first. * Kinda far from campus, not many options for getting there on weekends if you don't have a car. * Most of the managers have been there since they were undergrads, and don't have any experience outside the lab. This seems to be changing though, as they started to hire a few outside people during my last year there.