Cribbed from a recent Quora answer of mine:
The Waterloo (CS/Eng) intern ecosystem is immensely strong. First year students generally work at the best companies that they can, often taking smaller startups where they are able to learn the most. There's a steady transition to final co-op terms, where most classmates end up working in Silicon Valley, Redmond, NYC, and their own startups. It's a great place to be if you want to be part of the brain drain.
Like many well-known American business schools, UW has the fortune of having graduates opting to return term-after-term to hire interns. Since UW interns are full-year round, this creates a dependency of companies to hire interns (compensation is less than full-time employees, but it's still nice).
While I understand that other schools may have 'almost' co-op programs, Waterloo's is the largest one in the continent (and perhaps the world too). By having multiple exposures to different employers, the school provides successful students the ability to quickly ascend the ranks of the corporate ladder while receiving academic instruction on how to be better at their jobs.
I understand a common problem at other universities is that courses are not always relevant to the real world. By placing students constantly in contact with production code, there is a strong backlash against badly taught and irrelevant course material. Waterloo is grounded in the real-world, as I think most of us live in it.
My only complaint is the geese and the timezone. I'd prefer to be on the west coast, but Waterloo is home (until Winter term).