I am currently in the program, and agree with everything Econguy said. I suppose a good way to think about an applied program such as this is to say that it isn’t a PhD program in the sense that it contains less theoretical math (and little to no independent research such as a dissertation would entail), and could be better equated to applied statistics (particularly if you take as many quant classes as possible). In the job market you may compete with an Econ PhD grad for some small proportion of jobs, but it is much more likely that you would compete with people with MPPs, MBAs, MS in finance, and Applied math/stats degrees, and if you take the right courses your quantitative skills will exceed all of those listed except for the math/stats guys.
In essence I would say it is an excellent program, but I would only apply to it if it conforms to what your career goals are.
One other option would be to, if accepted to the program, apply to PhD programs out of the masters. I have 1 or 2 friends that are doing that.