I've heard many wonderful things about low res programs and seriously considered attending one this fall, but decided on a full time program because I wanted to quit my job and start anew in a different city.
When I was weighing offers, I sought advice from a former professor who got her MFA at the low res program I was considering. She said that she's in a relationship with someone at a full time funded program and has been able to compare. To her, it seems that low res programs don't have the competitiveness and funding awkwardness that full time programs do. And though she saw her cohort only twice a year, she was able to build community with them and keep in touch through non residency periods, and is still friends with some 10 years later.
Additionally, the faculty of low res programs are sometimes superstars from other MFAs across the country. One professor who teaches at both a traditional program and a low res program said he spends more time on his low res students, just due to the mentorship nature of the program.
As far as I know, low res programs offer little to no funding. One of the two I applied to provides strictly need based funding; the other said I received their biggest scholarship, which was $2k per semester. But I mean, the idea of low res is that you keep your job. I'll be making less money this fall at a fully funded program with a living stipend, than I would if I kept my current salary and paid for low res out of pocket.
I have a lot of feelings about low res, haha. Particularly Warren Wilson, which this post is mostly about.
Edited to fix a typo.