Pros
You will get to pitch stories and are allowed to participate in all editorial meetings. Lots of opportunities to write if you ask producers. Going out with photographers will give you the most experience reporting. Reporters and photographers will sometimes let you shoot stand-ups if there is extra time. You may get the opportunity to shoot a cut-in at the anchor desk if you ask. The more assertive you are, the better. Since you cant do much hands-on, always ask questions. Ask as many as you can about the business. Get inside their heads and take advantage of the professionals that are before you. This is one of the top markets in the United States before reporters go national, so take advantage of it.
Cons
Since the internship is unpaid, you arent really allowed to do much which is disappointing. The production side of the station is union controlled so they will NOT let you touch a thing. Some producers and photographers WILL play favorites so be prepared. It IS competitive in that sense. As a male intern, I felt I was denied going out with photographers many times because I wasn't a female to gawk at. Some photographers do not like interns and will lie so they don't have to take you out with them. Overall, I learned a lot and tried really really hard to make the best of it, but at times it was frustrating driving all the way to an internship to not get to do anything all day.