University of the Pacific had the six month co-op 5 year program as well (was required in my time but I believe there are some alternatives these days). My manager in my first internship would actually hire from our school and Waterloo, normally 3 from Waterloo and 2 from our school. He made an exception the year I went and we ended up with just 1 Waterloo and 4 from my school...thankfully for me!

I became good friends with the Waterloo student working in our department. The interns throughout the company (a few other Waterloo students, some other schools too) would hang out together at lunch every day. Another Waterloo student rotated in while we were there as well. The four of us from my school lived in an apartment in the same complex as the Waterloo student, who had three Waterloo roommates working at different companies. We got together for quite a few activities and dinners outside of work and got to hear stories from their friends about the other companies they were working at.

I agree that six months is a lot better to really get involved in the work and accomplish something, but the short duration internships certainly kept them on their toes. Also, as stated elsewhere in this thread, they do have the ability to double up their time at one of their positions. I was pretty envious of the huge amount of connections they have and the fast, relentless pace of their program, but not so much of the fact that they have no breaks!