My younger daughter was in PROMYS for two years (sophomore and junior summer). The kids who go to PROMYS are very self-selected. The entry test weeds out most who just want to have fun. The classes and homework are very intense to be sure. Basically it is 8 hour math a day on number theory which will challenge even the best of best. But the hard knocks that they get in PROMYS prepare them well for the tough road ahead as math/science major in places like MIT and Harvard.
As you would imagine, PROMYS has more boys than girls (75 vs 15). Girls are mostly Asians and they tend to form their little cliques (they would invite some boys). But strange enough, there were some fairly serious relationships coming out of the camp. PROMYS can definitely be fun if the kid can balance study and play. The fact that PROMYS is in Boston (at Boston U) gives students a lot opportunities to see different things and do all kinds of activities. Many of them visited MIT which is cross the Charles river multiple times. The program does not provide many organized activities. If they want to have fun, they have to take initiatives. One of PROMYS tradition is the annual Frisbee match with RSI (another elite science camp at MIT).
As for my daughter, PROMYS probably is the best thing that happened to her. She enjoyed summers of Boston and enjoyed the company of her camp-mates (most of them are smarter than she is, math wise, and she is totally okay with it). D probably forgets most of number theory or linear algebra by now. She needs to revisit the areas anyway if she decides to major in math but the methodology she learned and the study habit formed in the camp will stay with her.