Quango; I was awarded, 'The Cranwell Scholarship', a couple of years back now. I seem to recall that those of us who applied posted a fair bit on here. Use the search feature to check through old posts on it.
In general, I can thoroughly recommend it. Definitely don't squander an opportunity to apply! One of the things that struck me was that it wasn't just the flying as such which this scholarship presents, but it gives you the opportunity to meet lots of very interesting people and really get a headstart on any aviation related ambitions you have.
The main things I remember thinking/doing at the time was to do your research (on GAPAN, the industry, Armed Forces, etc), really know why you wanted the scholarship and what you wanted to do long term, be honest and be yourself.
ASI