The pay was great, the people were great. The only concern/issue I had was the long commute. AOL Dulles is located about 40 minutes South-West of D.C., so for students going to schools in the DC Metro area, it can be a hike to work.
Perks of the job: Flexible hours to fit your school schedule, plenty of eateries in the area, Starbucks cafe on location, the chance to have your work seen by millions of users via the websites, and a very laid back atmosphere.
Downfalls: I wouldn't really call them downfalls, maybe just, real life experiences. You will have crunch times where you are so busy you want to pull your hair out. :) You will sometimes sit in meetings for hours. The commute.
Overall my experience with AOL has been great. I have worked at AOL for a year now, save a 3 month summer break, and the experience was well worth the commute.