I'm afraid I can't answer your question about it being worthwhile, but I have to say, it does look amazing. I have a huge passion for Italian food, so when I heard about their program, I couldn't believe how perfect it seems. But you're right... $40,000 is so much money... plus I don't live in New York, so I'd have to pay for an apartment for the time of the New York classes.
You might also be interested in a World Endeavors program... it's a culinary internship in Florence, the cost ranges from about $5000 to $8000, depending on the time you would want to spend there. For the first month, you have intensive Italian language courses. After that, you continue the language courses and they set you up at a restaurant to work in. However, the cost doesn't include housing (although they do have housing assistance), the flight, a visa, or any other personal expenses. (you can find it all on the World Endeavors website)
I'm considering either that internship or the ICA program. I'd love to hear other people's opinions on whether or not you think either program is worth the cost. I'm wondering how much it would help my career.