I'm going to the Art Institutes in Minnesota. I'm a year and a half into the 3 year Media Arts and Animation degree. I think it's safe to say that all Art Institutes schools are not created equal, I can only speak for the MN one.
I think in the past they had some serious problems with their associate degree in computer animation. The problem is they have very open enrollment and quite a bit of the classes are general ed and general art, so the student ended up with very little 3D time. So they just up and dropped the associates and went full out with the bachelor's in Media Arts and Animation. As opposed to cutting out drawing or graphic design classes.
I like that the school builds you up from the ground up. I simply didn't have the traditional art skills to get into a school like MCAD (Minneapolis College of Art and Design), which has strict portfolio requirements. The many traditional art classes reminded me how much I used to love art before high school. And the other classes have shown me that if all else fails, I can make a pretty good graphic designer.
I've found the 2D animation classes to be extremely beneficial in understanding the fundamentals of animation in general.
More than anything I appreciate the instructors. True, the admissions people feed you with loads of bullshit, but the most of the instructors are totally frank. There's a particular instructor who teaches the first drawing class, no one every forgets the verbal abuse in his classes.
Obviously there's the problem with random people just sort of stumbling into the program not really interested in animation, but they're weeded out by the level 3 3D class, which has a "mid-career review" where ALL of the instructors will evaluate your progress up to that point. If you're not up to snuff you'll be told to get your ass in gear or get out.
A weak spot is the gen ed courses. While the English and Art History classes are great, a lot of the other classes are taught by part time instructors who sometimes aren't very interested and seem only half-there. But then again, I'm not going there for general education.
No matter what you do, you only get what you put in. Yeah, I'm gonna be in student loan hell for the rest of my life, but I consider interacting with the instructors and other students invaluable.
On another note, a fellow student--who hasn't even graduated yet--won an animation festival hosted by Showtime. You can see it by going to alt.sho.com, go to herSho, and watch "Seven's Doll." It's much more representative of current students, rather than the current demo reels, which are still the remaining associate students.