I believe my school has one. I mean, getting it certainly can't hurt. It's fully-funded two summers of research, plus paid research during the school year, right? I remember thinking about what an awesome opportunity it is. I do believe they're pretty competetive. I think your undergrad has to apply for it and if they're selected, they get it for two years (about two scholars a year) or something of that sort. If your school offers the opportunity, by all means go for it, especially if you're research driven.
I vaguely remember that my undergrad (U Missouri) had a grant from these people for 4 researching spots years ago. I think I applied for it during my sophomore year and didn't get it. It turned out well, though since it would have been a 2 year commitment including summers, if I recall correctly. It's definitely a feather in your cap if you're selected but there are other research scholarships out there. I don't know how it is done at other schools but at MU, they only accepted applications within the school. If that's how it's done everywhere, it may be worthwhile to go for some other research projects at an institute different from your own. It's always better to diversify. I think ultimately, it looks better to have done research at a few different institutions than to have done 3 years at the same one with the same group (unless you really accomplish something during those 3 years).