This MathOverflow discussion has some interesting examples of unintuitive implications of the axiom, along with a bonus answer giving examples of unintuitive implications of not having the axiom: http://mathoverflow.net/questions/20882/most-unintuitive-app...
The history of it is full of people wrestling with both sides of that, including many participants in the debate having trouble keeping their own positions consistent—the axiom of choice is equivalent to so many other things (many only discovered fairly recently) that consistently affirming or denying it has tripped up many world-class mathematicians! I am currently about 1/3 of the way through this really interesting history that tries to trace that development, Zermelo's Axiom of Choice by G.H. Moore (2013): http://www.amazon.com/gp/product/0486488411/ref=as_li_tl?ie=... (ToC: http://www.apronus.com/math/zermelos.htm)