As a college student who has to do required co-ops/internships, I can tell you what I've experienced so far.
My first work experience was for the US Government, at an Air Force Research Laboratory in my hometown. I loved that - the pay was good, holidays and weekends off, sufficient tools, enough manpower to get the job done. The problem here though was red tape. It's not like you could say "I have this brilliant idea to do X so I'm going to take a day and whip something up to show you all." Instead, you had tight schedules and deadlines, lots of paperwork before, during, and after the project, and bureaucratic stuff.
I'm currently working for a large company, but the team I'm on is small. One system administrator, a web designer borrowed from another team when needed, a web programmer, and two different managers. It's not that great, I don't think. The people are all good people, but it's rough simply because we don't have the resources we need to do everything we want to do. Sure, we can justify it, the manager says it's a good idea, but it just gets buried in the next task and the next task and the next task.
No matter what, there's going to be something wrong/bad/you don't like about where you are working.