Hi there,
My physics teacher used to work in recruitment of an Engineering firm; part of her job was to sieve through graduate engineers and choose the best ones to employ.
I asked her this same question and she was 100% sure that the answer was its definately worth it. She said the graduate engineers who'd done a year in industry were much better adapted to a working environment and she'd 'bite the hand off' anyone who'd done work experience.
Employers LOVE people who have work experience because on average they dont make as many mistakes, need as much training etc. Plus, if your employer in your industrial year likes you, you can guarantee a job in the future.
Id say it only isnt really worth it if your planning to go down a more academic route and do post-grad study. Otherwise, its a big fat yes.