Here's what I was told:
The scholarship will cover all of your expenses for however long you are in school - so for vet school they would cover all four years. In return, you have to commit to the military however long they paid your schooling. So, if they paid for four years of school, then you owe them four years of service.
I don't know of anyone who has actually done it or what their experience was, though I would love to know what others think. I have also been considering this scholarship, especially since I'm a military dependent.