1. Yes. It has given me practice in teamwork, group projects, engineering, programming, eating donuts (

), etc.
2. Probably writing a program to fit outside specifications. (vs. just what I feel like)
3. Teamwork
4. Commitment, Planning, Delegation, Being open to the ideas of others, Compromise
5. Dealing with the screwballs.

Actually, learning that there's always a different way and sometimes it's better.
6. The fun! Despite how great a learning opportunity is, I'm still in it mainly for the late nights with friends.
7. Yes! I don't know, it just is. See above questions.
8. Some sponsors are also willing to give expertise. Exposure for your team (as well as their company) is also an effect of sponsors.
9. Leadership and know-how, but a willingness to listen to students (and others) and allow them to do their own work and make their own mistakes so that they learn through experience, not just say-so.