Virtually everyone I know that spent either a semester or a full year abroad loved it, and they went to a variety of places - Alberquerque, Paris, Asturias, Barcelona, Perpignan, St Petersburg, Salamanca, Stockholm....
My sister, who does Spanish and Italian, is in Seville for this academic year and is having a great time. She lives right in the centre of the city in a 'residencia' which is a flat owned by the university in a mixed-tenure block with a landlord who oversees things on their behalf. The only drawback is that she is tied into a contract which includes meals, and limits her to when she can cook for herself.
I think if she did the experience again she would have spent some time out there beforehand looking for a shared flat with some friends - sometimes living according to the university's tune is a bit of a drag. However, Seville is fantastic and a brilliant place to be a student - vibrant, cosmopolitan, loads of restaurants and nightlife. I would have run out of money by about October - more to her credit she hasn't!
You might find getting a job in some EU countries (e.g. if she went to Spain, Greece, Portugal!) a bit tough because of the economic situation. I can't speak for the USA or anywhere similarly far afield, my area of expertise tends to be Europe. I didn't do it myself mainly because I was worried about being able to do uni work in the language, despite having a Spanish A-Level I feared I would struggle. Plus I was having too much fun in Sheffield!
