Pros
As an intern I racked up 11 samples in one semester, including both 1,500 word print spreads and 500 word blog posts. I got to do interviews, visited a local business, and they were excited when I offered to shoot video - another great thing I now have for my portfolio. I was even asked to participate in editorial meetings. The publisher and editor have both give me excellent references. The office is relaxed, and everyone is very congenial. And they are growing; they're a small outfit and they're growing their audience.
Cons
They rely heavily on interns. There's a constant ebb-and-flow of interns, and the company has just whittled down their full-time staff as they move towards the horrible freelancing model. $150/article, not horrible, but you're unlikely to find full-time or even part-time work, unless you apply for their new in-house PR firm.