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I think it depends on the field. For folks like Analog, it might be invaluable.
I would never hire someone who interned for us unless they were someone's relative and had already proven some level of competence. Anyone who wants to be an insurance intern is already suspect in my book. Nothing screams "nerd" louder in my world.
That's the world of wholesale insurance brokers, though. There's a much larger universe outside of what I do, and I know that my wife's internship directly led to the only paid job she's ever had in her career. Something like 45 people applied for it when she left.
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"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - B. Franklin
"There ought to be limits to freedom." - George W. Bush
"We have met the enemy and he is us." - Pogo
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