The program seems pretty awesome. Those interested should note that you do not need to have studied Chinese or necessarily have any background in China-related stuff either to be a competitive applicant. The students in the first class boasted extremely impressive resumes and had a wide range of backgrounds.
Tsinghua's campus is beautiful, by the way, and very close to the other bar-none top university in China, Peking University (which has a similar program called Yenching Academy). Both are located near the Wudaokou neighborhood of Beijing, which is a student & expat hub with great restaurants, bars and clubs.