First a question--don't they do Summer CP anymore?
<affects old man voice> Back in my day, you could be on the College Program for the summer. That's what I did (Summer 1990) and didn't miss any school. Graduated in four years, yes siree!
As far as my experience, I wouldn't trade it for anything. I do agree, most of the jobs were merchandising, fast foods, custodial and stuff like that. But I was lucky and worked in Studio Attractions at the Great Movie Ride.
For me, the College Program definitely helped me get to where I am now. It allowed me a foot in the door to WDW which then led to two years in Entertainment where I was a trainer, then a stint at the Contemporary, then Disney Vacation Club (where I also trained) plus working as a Traditions Assistant. The Disney experience has been golden on my resume'. For the past five years, I have been a full time corporate trainer and this has been largely due to my Disney experience.
I would tell anyone who is a WDW fan to definitely try it out. But, as others have said, keep your expectations in check. I truly thought that I would make a career at WDW, but alas, came to realize that it simply wasn't to be.
However, partly because of Disney, I now have a fabulous career and I very fondly cherish my time with WDW.