A recommender of mine who earned their MA and PhD degrees in English from Chicago, and frequently returns to do work on panels and conferences with the department, recommended that I be wary of this particular program. I have no personal, first-hand knowledge of the program, but they described it as "experimental" and alluded to the fact that the professors may not give the students in it as much attention or respect as they deserve. They also told me it was pretty much a terminal degree, so anyone seeking a doctoral degree would most likely have to go back and get an MA in their particular field of study (i.e. English Literature) before being able to pursue a PhD from another institution.
Like I said, I have no personal experience of the program - just thought I'd share one academic's opinion of it.