I did the CP from fall advantage '10 (june '10-january '11). I was in attractions, and got placed at the American Idol Experience at DHS. I lived in a 3 bedroom apartment in Patterson. And two years later, I am still living in Orlando and working at Disney.
I graduated from college right before doing my CP, so I was already finished with school and didn't have to worry about that. I applied for jobs back home towards the end of my CP, but did not get any, so when it all came down to it, I had a seasonal job at Disney and I decided to stay. I got part-time in February '11, and full-time in July '11, all in the same location. I have worked my way up the rankings of attractions, getting cross-trained in 3 other attractions in my area and counting, as well as becoming a trainer and a relief coordinator for the area.
As for the CP itself, I really enjoyed it. Patterson is really nice, although the rent is kinda expensive for what you get (I currently only pay maybe $30ish/month more and I have my own bedroom, not a shared bedroom). But it was nice to not really worry about it, since it was automatically deducted from your paycheck! I had a car, so I rarely used the bus system. Sometimes I did when I didn't feel like driving, but the majority of the time it was so much nicer to be able to drive wherever and whenever I wanted.
As for my roommates, I found them through facebook. There was a group for everyone doing the CP Fall 2010, and once we got accepted and figured out arrival dates, roommate surveys/etc started popping up. Out of the 5 other roommates, I am still really good friends with 3 of them. I actually live currently with one of them, had another sleep on my couch for a few weeks while she worked her seasonal hours, and the other is moving back down here to go to grad school at UCF in the fall! The other 2, we don't talk to. They seemed nice online, but we just didn't mesh.
As for money... yes, disney pay sucks. It still sucks, even as full-timer. But I'm pretty decent at budgeting my money. When I was a CP, I spent a little more as I originally thought this was my only time to do this stuff, so I ate at some of the more expensive disney restaurants/etc. I didn't party that much either. I did go to Jellyrolls alot with my roomies, but cover is free! lol
Hours-wise, I was in a pretty good attraction. Idol closes after the finale show, which was at 7pm every night. The latest I worked was 8:15. Meaning, I could still have a social life after work! Especially during the summer when its open later, I would spend my nights at MK plenty. I got close to 40 hours every week, sometimes more, sometimes less. But my roommate worked at All Stars front desk, and she got 50+ hours usually, mostly till 1am. It all depends where you work!
I had a great CP experience, but just like everything, some people have great experiences, some have horrible experiences. I know SO many people who have done the CP, and still work for Disney in some way shape or form (whether it be in the parks/corporate/etc). It really does look great on your resume!
I've been down here for 2 years (kinda putting off the 'real world' job search). I'm starting to think about going to grad school, and most of the schools I'm looking at are back home in NJ. I've also applied for other jobs elsewhere, but for now, I have a full-time job with benefits. I'm not leaving unless I get another full-time job or get in to grad school! (Plus, I really would miss being able to pop over to MK anytime I want to watch fireworks!! You kinda get used to that sort of thing!)
Patterson Court as a retirement home, Vista Way (or by any of it dirtier nicknames
) was the party place, and Chatham was somewhere in between. And The Commons were just plain crazy. 
This obviously wasn't always the case, but you could see people really choosing their complexes based on that.
