In educational projects, having students encounter problems is desirable, if it increases learning. However, in capstone projects with industrial customers, negative effects problems can have on customer satisfaction must be considered. We conducted a survey in a capstone project course in order to study problems, learning and customer satisfaction related to eleven software engineering topics. On the average, students working in the managerial roles learned quite a lot about each topic, and the developers learned moderately, but the degree of learning varied a lot among the teams, and among the team members. The most extensively encountered problems were related to testing, task management, effort estimation and technology skills. The developers contributed quite a lot to solving problems with technology skills, but only moderately or less with other topics, whereas the managers contributed quite a lot with most of the topics. Contributing to solving problems increased learning moderately for most of the topics. The increases were highest with maintaining motivation and technology skills. Encountering problems with task management, customer expectations and customer communication affected customer satisfaction very negatively. When considering both learning and customer satisfaction, the best topics to encounter problems in were effort estimation, testing, and technology skills.