For the love of God, no! Just no!
NYU is a diploma mill. They just have a better marketing department than your average diploma. Sure, their established programs are good (law, medicine, business, film). But good God, everything else seems like a scam to separate you from your money. Don't be a guinea pig for this program's maiden year.
I seriously doubt anyone really cares. The 300-500 word limit is imposed by the graduate school. I am guessing the ECE department just goes along with it.
There's no substitute for having a in depth knowledge about the star faculty in your area of interest. However, if you're interested in some broader measures for graduate programs you are interested in, take a look at the following sources.
1) The NSF publishes survey each year detailing how much money is spent at various universities and what departments (NSF HERD). (Engineering breakdown).
2) ASEE is has a lot of in depth information about funding by department, stipends, and admissions statistics.