HI! so, my response is that it is not terrible. it is expensive though and it is a money maker. If you get offers elsewhere, i would go there. I decided between hunter and columbia and decided to invest in columbia because if i didnt go on to get a PHD (which I am now doing) then, I wanted to have the MA from a "big name" (BS as it may be).
I am a pretty assertive person and I went in to the program knowing what i wanted. (Recs, relationships, and to get preped to go on to a phd program). If you dawdle in the program, no one cares and no one is going to catch you. If you are self directed, and efficient, i think it can be great. Honestly, i never had a problem getting into classes...but, the profs. i ended up working with were considered pretty friendly to MA students. It took a while to forge those relationships though, so you have to be patient. There are no profs. welocming you there.
I was disappointed when I first started, but honestly i got into some amazing phd programs - now im deciding between Berkeley, Duke and NYU. I WOULDN NEVER have gotten into them without the MA and the help i got on my apps from my friends/faculty at columbia. My thesis advisor helped me with my admissions essay and really critiqued it, so it was really tight and good by the time I sent it out. This required a lot of planning on my end (i started the summer of 2010 for Fall 2011 admissions).
So, its a crap shoot, and expensive. if you are organized, nice, and excited i think youll do well at Columbia.
you need to go in with focus and commitment and the faculty will take that seriously - at least that was my experience.
an MA from Columbia though is NO GUARANTEE for acceptance into PhD programs, its all about your recs, statement, and well thought out project. (which being in an MA can help with).
GOOD LUCK!