Since others find it more helpful to rephrase your question than actually answer it, I shall attempt, since I did my undergrad at UCSB.
When I was there, the graduate students (who were also my TA's) were making pretty decent art in a wide variety of mediums. However, it is a University and is very theory based. So, unless you have taken a class on semiotics and are up to snuff on your art critique, it will be hard to understand what the heck they're trying to say with their art. The quality of the art created was completely dependent on the quality of artist. It seemed to me that there was a lot of freedom in the program. And like another post said, wonderful large studios. And the art department overlooks the ocean. Okay, now I'm depressed that I moved away.