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1) Not a LOT of workload, it's really what you make of it. You can spend lots of time working on your writing, or just bring things you've already written. Otherwise, there's a bit of reading but not too much.
2) Yes, most get in, but it's still a very qualified group of people.
3) Definitely, especially since my school's creative writing program is not so good. The biggest advantage is that you read a lot of current and experimental works, which you don't see so much at school. Those can often be more inspiring to modern creative writing than, say, Heart of Darkness or Tale of Two Cities.
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