Seems ok to me
I followed your link and found a 10-page manual in pdf format that you should read.
I have seen programs like this at other unis, and I have also seen programs that are more time-intensive and thus require 5 years to get through undergrad school. In such cases, there is a school - work - school - work-work school format, at a school that uses the quarter system.
Bottom line, it looks legit to me, and IMHO, employers like to hire people that have shown an ability to work in the field, or a related field. My D for example, co-oped as a Mat-Sci Eng, while studying Chem E, and then interned and was hired as a Chem e.
If you have further questions, call the dept.