Service Learning

For my first post, I'd like to explore the topic of service learning. Many colleges and universities have programs where students participate in volunteer activities at agencies in the surrounding community. Some require a certain number of hours of community service. Some tie in this volunteer experience to classes so that students can earn credit while volunteering. For some, it is extra-curricular. How effective are such programs? Do they produce the desired result of making students more aware of service needs in their communities; or making them more likely to continue volunteering? What makes for a successful service learning program? Should such programs be required of all students?
From a student's perspective: What do you think of the idea of being required to perform service in your community as part of your college experience? If you participated in service learning, what did you think of the experience?
From a faculty member's perspective: What do you think about incorporating a service experience into your course content? Do you think it adds value to the learning experience? Can it be done for all disciplines? Do you have any objections to the idea?