Studying abroad is a great experience that I would highly recommend. I've studied in Ecuador and Australia, and I have interned in Panama.
The benefits of studying abroad are numerous. Living in a different country allows you to gain a more global perspective. You get to learn the customs, language, culture and landscape of a new country. If one of your goals is to learn a new language, then living in a country where that language is spoken is a great way to solidify your language skills and learn the nuances of a language that are impossible to learn in the classroom.
If you are interested in going into business then studying abroad will definitely help you since we live in such a global economy. Learning to work within the customs of a different country is a valuable asset to have, and it also translates into how you interact at home. Living in another country forces you to become aware of your own cultural customs and how you interact with others in order to work well in that environment. You will hopefully come home with a new awareness of yourself and others.
Besides all of the academic and career benefits of studying abroad, it is an amazing opportunity to travel and learn about a new country. You may not have a chance ever again to totally immerse yourself in a new country for four months. It is an opportunity to truly learn about a country in a way that you can't get from simply traveling to a country for a week.
It is difficult for me to give you an answer as to what studying abroad is like because that will depend on where you choose to study abroad. I would definitely recommend really researching different programs before deciding. Some things to consider are living situation (homestay vs apartment housing), classes you will be taking, and just information about the country in general (customs, cuisine, travel opportunities). I would also say that there is a difference between traveling to a country and living in a country. Some countries are definitely harder to live in than others, and you should be real with yourself as to how you think you would handle living in a country that is extremely different from the US. I honestly think that these are amazing experiences no matter how difficult they are because they help you grow as a person in ways that you can't imagine until you go through it. I would recommend living in a country that is really different with a language other than English, but I understand not everyone feels comfortable doing that.
If you have the opportunity to study abroad, take it!