i haven't done teach for america, but i know a lot of girls i graduated with this past may are working for them right now, i also know many from previous graduating years as well. all of them seem to love it. for some reason it's incredibly popular at my school. they were constantly at my school recruiting. all i got from sitting through the same lecture twice (she came to talk during my classes) was that they are majorly looking for people in the sciences, because apparently at schools in the low income communities they don't have people who actually know science teaching it (ie. they mainly have english teachers teaching science). if you want a two year commitment, where you get a fairly low salary (i think it's like 25,000$) and you get a small stipend (about 4,000$ each year) towards your preexisting loans (or if you don't have those, then for any future education costs)... then it's for you.
it wasn't for me.