I like to think of an internship as a kind of apprenticeship. In some cases, the apprenticeship is worth it. For example, a tech internship at Google or Microsoft lets you work on some of the most widely used software in the world with some extremely competent people. In this instance perhaps being unpaid wouldn't really be a big deal -- the real value would be in the experience you get and the things you learn. Working for a college newspaper, however, is unlikely to provide a good CS student with anything more than they'd learn on their own with a rather useless name to drop at the end. While working for a college newspaper may be a high accomplishment in the journalism world, it doesn't really mean all that much in the tech world.

Also, Microsoft and Google pay. They pay a lot.