The Deans (such as Pepin, Sailhac, Torres) that feature very prominently in the marketing materials do not teach the classes. From time to time, however, they do give demos in the culinary theater, which is great.
The housing that they provide is not on campus. It's on Roosevelt Island which is about a 40+ minute commute, and is available to all students - if there's space. I have never seen the accomodations nor have I heard much about them. However, if you contact the school, they'll be able to fill you in pretty quickly. I think Liz Alper is in charge of housing, but also check out www.craigslist.com
to get an idea of what's available.
As for my experience there, I had a great time and had an overall good experience. However, just like everyone says, it really does depend on the student making the most of it and facing difficult situations like an adult. It's not easy; other students will drive you crazy and so will some of the instructors. But that's life.
If you're in a quandry over where you should go, one thing to keep in mind is the FCI's location in NYC. You can find everything you could possible dream of in this city. I lived in chicago for years and used to think that the food culture there was good. It pales in comparison to NYC. However, keep in mind that YOU DEFINITELY PAY for the experience, and sometimes, it can get overwhelming.
However, if you're young and really hungry, so to speak, give the school serious thought. The FCI's network is pretty good, and the school is in a huge growth phase.