I have been admitted to this program, but applied at the December deadline. Even still, I don't get the sense that they roll decisions out at one time and really would not read too much in to my acceptance as far as timelines go.
I have lived in the area for some time now and am fairly familiar with the program. It's a wonderful place to live. There is enough culture, food, music, etc.. in the larger Chapel Hiill, Carrboro, Durham, Raleigh to satisfy anyone short of those for whom only a top 5 metropolitan area will do. Even then, it offers many of the same things without the hassle. I lived in the Bay Area for several years and then moved here and don't regret it, and I loved the Bay Area.
As far as the program, the cons are that the funding situation seems a bit tight, and the morons running the state the past few years aren't helping matters with the financial and political pressure they are placing on the UNC system. That said, most PhD students I have talked to have managed to work the hustle and get funded. Also, due to state policy regarding education there is some measure of teacher flight happening, so that the teacher education program cohorts have gotten smaller, which would seemingly limit some TA opportunities.
Pros: it's a traditionally strong program with a good focus in social justice but rooted in practical application. My sense is that students feel strongly supported by faculty and that it is overall a very supportive atmosphere. Faculty are connected and doing good work and students coming out of the program seem to be competitive in the job market on par with any of the other public universities. When I went to the Open House, current students were honest, but very positive about their experience.