At Guelph, we do two full years of academics and a summer off before any co-op work term (so we have one less work term overall), and have two 8-month work terms and a 4-month as part of our schedule[1]. I think that's a much more workable schedule, and I think Waterloo even has a similar scheduling option in terms of term duration (at least for CS) as I've worked with a student from there for the same 8-months. As long as you stay with the same employer for 8-months (many seem willing if you ask) or the same town for both placements, it works out fairly well.
Another Gryphon! I think you might be the first I've seen on HN. A few of my friends did Nanoscience co-op and I've pretty much only heard good things (I did the non co-op stream though since I didn't want to take the extra year to finish).
[1]: https://www.uoguelph.ca/registrar/calendars/undergraduate/cu...