I graduated from the Masters in ID program at U of C a year ago and can probably answer any questions you might have. I can also put you in touch with some current students there if you want.
Overall, I think the program is quite good, but it depends what you are looking for. The main strengths of the grads are conceptual thinking, problem-solving, and a well-rounded basic knowledge base. There are some drawbacks to the program though. Many people take forever to finish their masters project and the faculty does not have strong ties to industry (it is in Calgary after all!). If you can’t already draw well you will get some practice but not as much as if you went to Art Centre or somewhere like that. Compared to the price of other ID masters programs in the US, U of C’s is a bargain!
A couple of notable graduates that you may have heard of… Edie Adams at Microsoft and Aurelie Tu who was profiled a few months ago on Core77.