Pros
Summer internship program is really well designed to give you a taste of what it is like to work on the deal team with one week of training at beginning of the program. There is no make work, first week on job I traveled to a management meeting with an MD and VP, I got to work on two live deals and two portfolio companies during the ten weeks. Really liked the people and thought there was a good mix of social events to get to know the senior team.
Cons
You definitely work hard and can travel extensievly depending on your deals / portfolio companies. It is a matrix starffing model, so every team you work on differs- which is a con and a pro. Post-undergrad comp scales up significantly in third year after school, so if you're thinking about leaving in first or second year, it's not as lucrative.