Adam, You'll be an apprentice engineering technician, which gives you hands-on experience but doesn't mean you'll be paid as a qualified technician - the Govt lays down what can be paid to Apprentices.
When you go to the interview, make sure that you ask what you'll be paid during your Apprentice term, if this is important to you. We recruit apprentices under the current Government scheme, and they are paid a very low wage for the duration of their training contract - they are initially employed for a year but during that time they gain an NVQ and a technical certificate in their chosen area - so as long as you work, there is a qualification at the end of it. Ask too whether it's likely that they would take you on at the end of the Apprenticeship, what their normal practice is about that, so you know if this'll be a long term thing.
Overall I'd say go for it - even if you are on a lower wage for a year or so, it'll be a great experience for you, and it will look very good on your c.v. for your future career.