I'm a state Americorps member in North Carolina. There are SO many Americorps programs that are so different from each other, that it's tough to compare them! I work with a literacy program at a university, and mostly interact with students, tutors, and community partners. Other programs allow you to work on organic farms, clear hiking trails, work in homeless shelters or with people with disabilities... there are tons of programs to choose from.
Since I work at a university, I'm getting a good look at what goes on behind the scenes in university departments while also doing service. The different trainings that Americorps requires I go to are also great for professional development. Best of all, you get an education stipend at the end which you can use for grad school (though it will only put a very slight dent in the cost, it's better than nothing!)
I won't lie, living on the stipend is tough. They encourage you to get on food stamps and government assistance to get by. There is also a ton of annoying red tape and paperwork due to Americorps being such a big program run by so many different departments. However, I still think that the trouble is worth the experience.