Yeh I think it's pretty hectic- you have to have your heart in it if you wanna go well; and I know a lot of people won't last the entire length of the program without dropping out (for a variety of reasons).
All the best with your coop application. But as a tip, maybe you might wanna check out the flyhigher/cadetship evenings and ask some of them how they find it with their work/social commitments, etc... it might change your opinions
Just whatever you do, don't double dip (that is, apply for multiple firms/coops/scholarships and sign for more than one).