There are pros and cons, and it's all relative to your college experience. Still, I'd say I loved college about as much as anyone can, and I'd say that eventually real life is a lot better. Basically, you graduate and miss college for a while, but you also get a job and start making real money. So do your friends. People, hopefully you too, move out, and you basically start to build your life. I'm 26 now and I have to say that as great as college was, right now is a ton better. If I had to pinpoint, the break-even point was about a year and a half or so out, a little while after I moved from the Philly area to VA.
It goes fast. All of a sudden, I'm about to graduate law school (I go at night, so it's nothing like undergrad), just bought a house, getting married, etc. But I'd say there's a lot more to experience once you're out of school.
And don't kid yourself, you'll be an intern. Interns don't work all that hard, and there's a lot of drinking with your colleagues involved, depending on the company you work at and the people. Actually, an internship mirrors the lifestyle of your first couple years out of college, especially if that internship is out of town and you'll have an apt. Life gets harder when you switch into career mode, so don't cock up your internship, but have some fun too.
You'll definitely be ready to go back to college, though

If you're anything like me, graduation was like quitting your favorite habit cold turkey and it took a while to switch gears, so to speak.