Does this program have merit in the medical field or is it just like any other summer camp where it's good to go, but it's mostly for having fun?
Merit in the medical field, not really. It is a one-week introduction to the field of medicine, but you won't become a better Doctor because you attended one of their programs. It could help decide if you want to spend the next 8-10 of years of your life pursuing the medical goal.
So, I was wondering if this was worth my time and money.
Worth your time -- possibly.
Worth your money -- that's your call, but such programs are EXPENSIVE.
To add one last question ... how much does such a program matter for the admissions review for Hopkins?
That is a question about academic enrichment experiences and whether they can help with admissions. The answer is a resounding YES. Students who pursue academic passions outside of the classroom display a quality that is quite representative of what makes a true Hopkins student. Therefore, during the application review process, the admissions counselors are making note of what academic enrichment experiences are available to a student and which they have pursued.
The related question is whether there is different values given to different experiences and once again the answer is YES. For obvious reasons, we would look more strongly at a student during actual medical research throughout their summer compared to a student doing a one-week program like NYLF. Each academic enrichment experience is judged differently compared to time involved, the amount of initiative shown by the student, the uniqueness of the experience, the amount one gets out of the experience, etc.
We prefer to see any type of enrichment experience from CTY, NYLF, NYLC, to college summer programs to actual research ... some experiences will be valued more than others based on the strength of the experience.
Hope that helps.