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.