I was looking for some information a little while ago and someone's response to me was this:
Things may have changed since I did it but:
Once accepted, you are technically considered an 2Lt (O-1) in th Reserves. You are not required to do any weekend training/active duty time while in school. Just going to school is your only duty.
You must attend an Officer Basic Training course prior to being assigned a post/base. Most do this immediately after graduation and go on to practice on Active Duty as a CPT (O-3) for 3-4 years. After completing your required AD, you can re-enlist or leave. If you leave, you'll be considered Ready Reserves for 4-5 years (no mandatory training, just "on-call')
"What I did:
I did my Officer Basic Training during the summer between 3rd & 4th year (my school excused me from clinicals since it was military duty). This allowed me to start practicing immediately after graduation (1 took 3 weeks off before starting), I was also promoted to CPT right away, so technically I outranked my classmates who still had to take Basic.
I recieved Active Duty pay all during Basic.
I also did a rotation during my 4th year at a military hospital for which I requested a voluntary Active Duty TDY (temporary duty). These can be done at any base (HI, Europe, etc) I recieved Active Duty pay and my housing/food were paid for.
I wound up getting paid a salary during 1/2 of my 4th year while my classmates were paying to the same thing."
He goes on to say that in a different post that with the money he saved after serving he was able to purchase a house/an established practice somewhere.
Again, this is not my experience. Like you, I am very interested in this scholarship, not only for the money, but I would love to be able to have the experience of serving in one of the military branches.
If I hear anything new from someone, I will be sure to relay it to you. I am kind of taking my time gathering information about it, because I don't plan on applying until early next school year.