If it hadn't been for my airline internship in college, I'd probably be a furloughed regional FO, working as a part-time instructor and full-time at Home Depot. Instead, I'm going on my fifth year at my current company, and I just passed my six year anniversary in the airlines. To me, spending a semester working for airline management allowed me to fulfill a dream, and make some amazing friendships in the process.
I'm somewhat on the fence about this whole situation. I highly believe in internships, but I also don't like the idea of doing someone's job for free when they're laid off. I think if our economic environment was different, this would be a non-issue.
My only regret is not doing an internship at a major airline. I was extremely jealous of a friend who was able to do the cooperative at UPS, after hearing all his stories.