I attended the Conservatory in 2002, so things may have changed, but here are my impressions:
1. The school and the education were, in all, pretty damn good. Well - ok, for someone who knew very little about physics, electronics, comoputers, or business, it seemed exceptional. The difficult part of recording is the auditory artistry - something you'll only learn through practice. While you're given time to complete projects, you have to share limited facilities with 12 other classes.
2. People complaining about the placement may not have been applying themselves. I interned with one of my favorite record labels at the time, and while I will admit that they appeared to take my internship for cheap labor, I have no doubt that had I not been quite as big a d-bag when I was 19, I may have earned myself a job.
3. It's expensive, and I feel like I wasted a lot of money - but I did learn a lot. If you just want to learn recording, you may just be better off reading books and buying your own computer setup - but you're not likely to land a job in any kind of respectable studio that way. I do know a number of people around town who make a living (mostly) of recording local bands and things of that nature, but it's nothing glamorous, and you get paid more working with the industry. You also learn about the music industry and how it works here, so you have options.
4. Yes, the industry is crap. That's not this schools fault, and if you don't have a passion for music, you should probably do some research before trying to make it your career.
5. The staff was always friendly, with one exception, but they were all very, very knowledgable in their fields. I don't doubt that if they expanded some of the curriculum into Associate level programs instead of retaining the trade school theme they have going, they could easily attain regional accreditation.
Bottom line - if you don't KNOW that you want to do this line of work, don't go here. You'll be upset and won't get much out of it.