I'm assuming the first time you did it you hadn't graduated yet??? I think if you want to use it to get back in with the company and network to get to the area you would like to be in then it would still be worthwhile since you thought the job was okay. The job markets tough right now so you may want to take any opportunity offered to you. I guess it also depends on if you have backup plans or not.
I know right now I would say I would not want to repeat my last PI, but if it were actually offered to me and I had nothing else lined up the decision might be harder. I'm definitely one person who is not jealous of the decision you have in front of you though! I feel like I would be a little disappointed in that situation...maybe not as much as getting nothing, which is what it looks like I may be getting, but it'll all work out I'm sure!!! Good luck making your choice!!
Yea, I did my last PI from June 08 to Jan 09, and I'll be graduating next month. I really don't have anything else lined up, and haven't even applied for anything as I expected to hear back from PIs much sooner.
I think I might take it just as an opportunity to perhaps apply myself a little better than I did the first time, and make some money of course. Now I just have to find roommates who want to live with me and my puppy, ugh. So much stress I didn't see coming.