Having gone through the program myself, I can offer a different opinion than the ones offered above. Certainly, if you have to shackle yourself down with debt in order to go through the program, it is most likely not worth it (although most of the students there do this). But, of course, only you can decide that for yourself.
The others are right about the faculty to student ratio. However, they are not right to think this means the professors are not available. The professors deeply care about their students, whether they be in the MA or PHD program, and always make themselves available, whether during standard office hours or by appointment if you cannot avail yourself for their hours. It is a huge mistake to think that "you will never talk to any professors ever." The only reason that you will never talk to any professors is if you yourself choose not to.
The education itself is topnotch. The graduation requirements, however, go a bit beyond a normal MA program. For example, you will be required to do oral exams and a language translation exam in addition to a normal thesis (which you can substitute with written exams). All of this is in addition to your normal course load, so it can be a bit stressful at times, especially if you are working in order to pay tuition/NYC rent.