I'm suspicious for two reasons: 1. I struggle to believe that a well-rounded CS and engineering education can be squeezed into two years. Describing this as "the future of computer science education" (their words)—when it appears to be a trade school which teaches CS basics followed by Rails, Python and iOS development—is doing CS a massive dis-service. There's nothing wrong with this kind of trade school, but it is…
Cross academic pollination probably is one of the best aspects of college, and honestly with the amount of resources at their disposal, they could facilitate programs for the current state of "Startups" as a minor or even major, ideally paired with an unrelated field.
This on paper looks more like a trade school, I imagine a program like this could be designed to churn out competent programmers but beyond that, I'm not so sure.