Pros
It's a small company so you end up wearing many hats and gaining a lot of work experience to fill up your resume. You get to work with different departments and some awesome people. Editorial interns are published in print and on web. Sales get decent commission on top of their base pay.
Cons
The pay is well below market value, which wouldn't be too much of an issue if employees were actually valued, management allowed for an enjoyable work environment, and if we didn't live in Northern Virginia. Senior management is shady and paranoid. You are seen as a threat if you speak your mind and challenge things that need improvement. They set unrealistic expectations and when you ask for help they accuse you of being incompetent of doing your job, yet you will get called out for staying after hours in order to complete your excessive tasks and meet ridiculous deadlines. You start off with one week of vacation time. Too bad it's hard to take some time off when there isn't anyone else who knows how to do your job.