J,
For me, I say if the meaningful experience is worthwhile, it ought to be a part of the regular course assignments to begin with. Being fair and objective with the grading process is just as important in school as it is in the work setting. There is no extra credit for missed due dates or bungled work projects at work. I think we set our students up for feeling entitled (more than they already are) when EC assignments are given, although I recognize there are alternate opinions. This is my bias.
Barry Westling