It depends on your situation. I applied for a research program at the school I am attending in August. Yes, its a good experience, I will meet faculty, maybe get published etc. but I am doing the program honestly to make money precisely so I can have fun. I will be going to school in a "lifestyle" city so every weekend I plan to have a BLAST! I also plan to take a week long cruise right before classes start.
If I didn't do research, I would be literally broke and have to sit at home in my boring hometown doing nothing. Its like spending my summer in Cleveland broke and bored or spending my summer at Cornell Med in the heart of NYC (I don't go to neither but my situation is similar).
If I had some savings to support me through the summer and enough money to travel to Europe or Asia or South America I would do it in a heartbeat.