I did my Intern in NUS lab last Summer vocation, 3 months.
The advantage for doing intern in NUS lab is:

a)The work load is pretty low

b)time slot is also flexible, sometimes i overslept, go to lab at 10:30, people still excuse me. This is not possible in COmpanies.

c)daily cost is low(transpotation exempted, lunch also cheap).

d)Able to build relationship with professors and Reserach scholars. For example, i asked the sup to wrote a refree letter for my master application. He was quite happy to do so.

e)Very useful if you choose proper reaseach area, so that you can continue as FYP. The exp gained during intern helps a lot.

Disadvantages:

a) payment is low, 2002 is 500/month, 2003 is 300/month, dont know about 2004. But singapore economy is growing, hopefully better

b) Seems not exciting since the place is not new to you. Compared to companies, seems less challenge.

c) Lesser opportunity to build network with outside ppl

however, it is worthy to experience, whenver you cannot find a better intern offer.