I was a CM on the College Program in 2003. I loved it! The nice thing was that I was a lifeguard and we got TONS of overtime and therefore worked about 3 or 4 days and had 4 or 3 days off (not the norm for CPers).
While I liked the living aspect of it (Spring break year round atmosphere) I think because my Apartment-mates (most of them) and I didn't "gel" to well, I enjoyed the Disney part a whole lot more than others may have. I did lots of the "Disney Learning Center" stuff. That's where you can meet different execs, take behind the scenes tours of other work areas, get all sorts of cool background info on attractions, and just generally learn a whole heck of a lot of stuff about Disney, business, people, etc.
Needless to say I enjoyed it quite a bit and may be heading back there (not for lifeguard though), if I can figure out a budget plan.
A couple of times at Blizzard Beach, our (excellent) managers would open some rides just for the CMs to "play" on. Good times, good times...