Pros
1. I was involved in a production project as like full time employees, thus I got real industrial experience. I guessed this was the best benefit: to learn from them how a software project should progress in a structured way. At the same time, I was taken good care of as an intern, with no heavy work load. 2. I was encouraged to tried different project or different aspects of project as I want. Thus, you could try and learn different things, as long as you want to. 3. We had knowledge sharing sessions every two weeks, which helps us get exposed to innovated technologies. 4. The working hours are free. You just need to make sure you finish your task.
Cons
I felt everything was perfect, at least as an intern. I didn't know much about what full-time employees think of SAP. So maybe only take my words into consideration if you are an intern.