I am currently doing a summer research job. I did an independent study in this lab in the spring, and I'm going to be continuing to work here all next year to do my senior thesis. I'm getting paid by an internship program at 300 a week for 10 weeks. Isn't very much since I'm paying rent and bills and all that, but the prof who runs the lab is paying me some extra too. I find that I'm enjoying my job a lot more than most of my friends this summer-- most of them are doing things that offer more tiring work, and less flexible hours, but better pay. So it's a tradeoff. I would recommend finding a research project that seems interesting before you decide to devote an entire summer to it. Some of the other people in my internship program aren't having quite as much fun with their projects, and it can definitely make a huge difference for how your whole summer goes.
This may not apply to you, but Amherst is a definite college town. The one thing that I dislike about this whole thing is that with everybody I know home for the summer, there is absolutely nothing to do here.