I just received the Cornell Math Matters, dedicated to the memory of Eugene Dynkin who passed away on November 14 at the age of 90. In my freshman year at Cornell, Dynkin recruited me into his undergraduate research seminar building on the success he had with a similar seminar he ran when in Russia. I didn't last long, making the conscious choice not to work on research as an undergrad but to focus on enjoying the college experience. I missed out on a great opportunity but I don't regret that decision.
Reluctantly I wouldn't give that advice to today's undergrads. Getting into a good graduate program has become much more competitive and even a small amount of research experience may make a large difference in your application. I encourage any undergrad who may consider a PhD in their future to talk to some professors and get started in a research program. But don't let it run your life, make sure you enjoy your time at college. You'll have plenty of time to spend every waking moment on research once you start graduate school.