Satellite
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The satellite is a large satellite dish with a control center under it.
Where to find
This generates in the plains and desert biomes.
Dangers
Not particularly dangerous, but the underbelly is unlit and will allow hostile mobs to spawn, sometimes even on the stairway. The stairs (there are actually no stair blocks, you have to jump to get to the control room) also only has railing on the outside, making it a bit dangerous to climb, especially with hostile mobs chasing you.
Loot
More information here
This structure has 4 loot chests.
Loot chests 1 and 2 are in the main building and have common loot.
Loot chest 3 is in the dish base right below the dish and contains uncommon loot.
Loot chest 4 is in the LNB (part at end of satellite dish) and contains uncommon loot.
For both 3 and 4, digging is required.
Refurbishing
The satellite itself provides no function, just aesthetic, so really all you can do is use the control center for something. You can mine the dish for useful resources if you don't mind scaling it. Some of the concrete support beams is cracked/broken, but it is still structurally sound, just don't depend on it to survive an attack of any type.
Since the underbelly is unlit and very dark even during the day, it can be made into a mob farm of some kind without requiring much if any player work.