4 months seems a bit short for this continuous cycle. I go to Northeastern University and they do 6 month cycles of work/school. They also start off with a year and a half to two years of classes on a traditional schedule when you first enroll in college. This seems less relentless than the 4 month schedule described at Waterloo.
At Guelph, we do two full years of academics and a summer off before any co-op work term (so we have one less work term overall), and have two 8-month work terms and a 4-month as part of our schedule[1]. I think that's a much more workable schedule, and I think Waterloo even has a similar scheduling option in terms of term duration (at least for CS) as I've worked with a student from there for the same 8-months. As long as you stay with the same employer for 8-months (many seem willing if you ask) or the same town for both placements, it works out fairly well.
Another Gryphon! I think you might be the first I've seen on HN. A few of my friends did Nanoscience co-op and I've pretty much only heard good things (I did the non co-op stream though since I didn't want to take the extra year to finish).
However a 6 month cycle allows you to gain a better idea of what it is like to be a full time employee at a company, not merely an intern.
I did several 6 month cycles, but most of the other interns I worked with at these companies were doing 4 month cycles (in fact, they were almost all from Waterloo. That experience has given me an immense respect for that school.)
With 4 month internships, many companies give you an "intern project" that you see through to completion. It tests not just your technical capabilities but also your ability to plan and manage a project yourself. Great experience, and a great way for a company to test your skills and abilities. 6 months is a bit long for a single project meant primarily for one person though, so they throw you into the standard drudgery of full-time employment. Less pleasant, less sterilized and organized, but much more realistic.
At least that is how it played out at the companies I worked for.
Unless you are from a wealthy family (or live in one of those fancy progressive nations where higher education is free), chances are you will need to figure out a way to leverage your experiences in university for money. I think that either a 6-month or 4-month cycle of internships/coops is one of the best ways to prepare yourself for this. There are pros and cons to either, but both are pretty great.
