I went to Cornell for undergrad, I work at Cornell now, and I am going to begin the CIPA program in the fall. I love Ithaca, but that is because it suits my personality well. I know many people who strongly dislike this place because they prefer big cities and Ithaca is definitely a small town community. Read more about Ithaca on the forums with your personal preference in mind.
CIPA practically did not exist when I was an undergrad. In a few short years, Cornell is attempting to turn CIPA from a name on paper into a top-notch program. In order to do so, they are giving generous fellowships to top-notch students to attract talent but this will not last that much longer. CIPA will look much more impressive on your resume a few years from now when it has really established itself. The flexibility of the program is great, but it comes with a downside. Classes are hit or miss. I have taken some most excellent graduate courses, but I have also take a few that are an utter waste of time. The program is really what you make of it. If you take challenging courses, you will get a good education. If you take the easy classes that you can skirt by on, then you will learn little.