Hey Kursty,
That post you wrote on May 6 was like something I'd write myself! I'm in a very similar position. PhD or not? not sure yet, but really attracted to this program. I just got accepted with a half-tuition scholarship. The other programs I applied to were traditional English and Comp Lit M.A.s at "prestigious" schools, plus Chicago's MAPH. I've gotten in everywhere (except still waiting on Columbia) and I got no funding from anywhere other than the New School (most big-name schools offer no funding for MAs as a rule). So, I am already looking at empty pockets - which hurts. - I don't know when or if you applied already, but obviously, the earlier in the cycle you apply, the more likely you are to get funding.
The program seems really exciting to me, but yeah I do worry about the 'substance' as you put it. I too am not sure about getting a PhD but want to keep my options open. I kind of feel like (aside from potentially creating a really impressive writing sample) the New School won't help with getting accepted to a PhD program unless it is at the New School. (Though it is up for debate whether or not any MA program helps you get into a PhD program.) That said, if academe is not your ultimate goal, then I think you could get a lot out of this program.
When I was applying, I talked to Emily Condon the NSSR liberal studies student liaison. She also said the professors were great and you get a lot of one on one attention from them. She said that it is such a broad department so all of the students are doing really different things, which is nice for being exposed to a lot of interdisciplinary thought and means there isn't really a lot of cut-throat competition, but also can mean everyone is doing their own thing and there is less cohesion in the student body. It also definitely means that you have to go in there knowing what you want to get out of it so you don't go in and just fiddle around for two years and come out two years older and that much poorer.
Well, that's enough rambling from someone who doesn't actually know any more than you do. Just thought I'd contribute some solidarity. I've got to give them an answer ASAP, but if you happen across any more information, please share it here!
Thanks!