Absolutely do it. Study abroad was one of the greatest things I've done.
My two recommendations are:
Go foreign all the way. Don't go to Austria just to hang out with other American students. I went alone, took a little bit to make friends, but got so much more out of the experience.
And don't be the study abroad kid who visited 75 different cities in 40 different countries, then came home and barely knew anything about any of them because you spent 6 hours in each country.
I went to London. I made friends with londoners, and got to know the city almost as well as my home city. I think its better to know everything about where you're living than to know nothing about the 200 cities you visited.