Hmm... from my understanding, it was that they have a lot of big name professors who don't really care about teaching. So you have access to big names, but they are not dedicated to you. And that every little thing is an extra charge, and what you get for your money is not a lot. I don't personally know what the studios look like and my partner was in illustration, but his studio was a cubicle. Now, you only really need a cubicle for illustration maybe but.. thats in comparison to my experience where illustration got studios same size as fine arts students, and they were all large. I also had a friend do a residency there with the same complaints - fancy professors who were never around or willing to help, meh access to facilities, a huge fee, etc etc. None of the professors from that program were even willing to write her a recommendation.
SO you're paying for access, to be in NY, to be around the professors, but not necessarily for rigor or building a long lasting community.