Pros
Prestige and pumps up your resume. I got all my interviews with other companies mostly because Goldman was in my resume. Trust me, rejecting the offer was the best thing i could have done. Not having a job is scary but Goldman helped me land a top tier job. You can greatly leverage this internship experience with any company.
Cons
Operations requires no skill and is absolutely unrewarding. You will write e-mails and create projects for internal use, no revenue generating. Higher management is unimpressive and I cant see anyone in the office being able making a sale, close a deal, or analyze financial data. Don't be fooled, Goldman people are impressive and sharp in IB, Sales, Research, and several other divisions, but being in Operations is like if you were working for an entirely different company. Of course there are smart people in there, but i will bet a million bucks that if you gave them the chance to go back in time, most of them would have not taken the offer and would be better of somewhere else. Don't be scared to reject the offer, but if you accept it make sure you understand what you are going into. Great job for anyone that comes from a low-tier school, they recruit from great schools and from very weak ones. If your school has a name or is prestigious I wouldn't take the full time offer, leverage it. You are and will be a secretary for the business side if you stay in operations, that's the ugly truth. DO internal mobility, that's the best shot at another division.