like many things you'll encounter in your career, the NYS Regents HCS is one of those things that look great at the time, but you'll wish you hadn't later.
here's the deal -- you get awarded UP TO $10,000/yr of scholarship aid (could be more or less, depeding on state budget issues), in exchange per year of service. there is a minimum of 2 yrs service (so obviously you'll probably want to take 2 years of money). you have to study in medical school in NYS and you'll have to provide service in an underserved area in NYS on completion of training. they have other eligibility criteria as well. They do maintain a list of areas, as well as certain hospitals and programs for special consideration. it's a heavy primary care emphasis, as well as general surgery and some subspecialties depending on the shortage area. you absolutely have to do full time patient care upon completion of training (so if you're interest in academics or research, you'd have to delay that for the time being, until your service is complete).
i took the money for two years and while it seemed great at the time, i have ultimatley regretted it. i think it's too little money to have so many tight strings attached. if you don't do the service (which is not uncommon) then you have to pay back roughly double the money they gave you. along with other penalties and interest.
i think there are few compelling reasons to pursue this award, and again, in retrospect i probably would've just borrowed more money. unless there are some heavy duty competing financial issues, i wouldn't look at this award. feel free to PM with specific questions.