Pros
Great experience for Undergraduate students interested in Finance and or Private Equity
Hands on interactions with financial modeling, such as DCF/LBO. CIM experience and ability to pitch your findings to your searchers
Small startup feel and office space, really get to know your fellow interns
Cons
Unpaid, but can be taken for credit
Will spend a considerable time (approx half of your time) constructing "lists" of companies to contact for acquisition. Not the most fun, but is essential to the entire search process.
Disconnect between management and interns on timelines and expectations, although rare, happened about once or twice during my duration at the firm. All forgivable, but definitely can be discouraging to both the manager and intern.