I know there were some issues with the program in the past (for instance, at one point you had to maintain at least an 80% "grade" in the program or you'd be cut loose from the company) but Bloomberg has really invested in the program recently and it's much more trainee-friendly these days. Lots of emphasis on cooperation and teamwork, and even though there are some solo timed "assessments" they're about the right level of challenge, and the goal is understandable -- they're there so the trainers can get a feel for what lessons work and what lessons need fixing.
Anyway, it was invaluable to me. I can't imagine jumping straight into a dev role at a company fresh out of college.
Alas, due to cost (airfare and accommodation for everyone for 3 months adds up to a lot!) they've now scaled it down to just within each region rather than globally - so all of the NA graduates will train together, all the EMEA ones etc. Not quite globe-spanning as before, but still 3 months long and with people from other locations, just not all locations.