Ace said:Ideally, the internship would supplement your work at a college paper. If you can't stand working for bosses you don't respect, you better own your own paper.
Ace hit it right on the head. I wouldn't trade my experience working for the campus newspaper for anything in the world. Echoing what others have said, I got to do a little bit of everything and made friends that have lasted a lifetime. It was fun being a part of something and feeling like we were "sticking it to the man," whether the man realized it or not. The fact that I also got to use the office computers for my schoolwork when all I had was a typewriter was just a bonus (nothing like printing out a 15-page report on the finest quality laser paper the institution could afford!)
Oddly enough, the experience I got in college was actually better than my internship in many respects. As an editor for the college paper, I got my first taste of desktop publishing at a time when the local daily was still gallying out copy for someone to paste up in the back. That experience paid dividends at every subsequent stop along the way.
That said, nothing can match the experience of an internship at a daily, any daily, and if you've got a chance to get your foot in the door, by all means do it. I piled up a ton of bylines and got my first real deadline experience in the process. Made some great friends there as well.
My only advice would be whatever you do, don't forget to have fun. I spent every weekend my senior year banging out copy for the local rag, and although the experience was a good one, I still regret all the good times I didn't get to have as a result.