I'm in the low-residency program for Creative Writing, and I find it absolutely fantastic. We meet in person during residency, then stay connected through the internet during the rest of the term. The mentors are all accomplished authors, the majority of whom are also excellent at seeing the big picture of one's work as well as line editing.
The most important criteria for admission would be talent as a writer and proof that you can commit to being self-disciplined. It's really a super program.