Study abroad was less inspiring for me than others, but I had also spent about 8 months in the country BEFORE doing study abroad, so my viewpoint is different. I say you should do it, but don't bank on taking organic overseas. Too many things can go wrong with that scenario.
Contrary to what is said here, you won't be near fluent in a language after a year but you'll develop a fairly comfortable level of proficiency to handle most situations. If it is England or something then you won't have a problem anyway, but I personally don't see England or Australia as study abroad as much as a vacation with some classes. It is fun, but the challenge and learning always comes from struggling with the language of the region. It depends on the program. Many people I know did study abroad but as stated earlier, it was more of a party thing with a scattered easy class. My study abroad involved working my arse off. I was reading 6+ books a week in German...and not easy books. I never spent time with Americans, which others from the organization hated me for, but I thought it defeated the point. In the end I was not a tourist and more of a Berlin local. I went to apartment parties with Germans, helped my German friend DJ, debated politics in cafes in German and everything else. The same time other people in the program were traveling around and doing touristy crap that I had done a hundred times before with other americans, oftentimes from the same university they came from. While that is great, it never really seemed like the intention to me. They were not really going out of their comfort range much. So, my recommendation if you DO go ahead and do it is to push yourself out of that comfort range. I feel that my experiences left me with a greater connection to europe as a whole. I don't have the stupid photos standing outside every tourist attraction showing that I had been there to impress people, but I can watch/read european news and understand the viewpoint, understand subtle meanings in humor and word play in German (kind of gone down hill lately), and can actually blend in with european culture when need be. (Many did not know I was an american until it got to complicated topics or they asked.)