Well, I wouldn't say FAR, but it definitely has its downsides. A lot of your AP/IB credit if you have any, for example, won't get you out of courses. BIC is interdisciplinary, so you can't just take the history component out of a class. On the plus side, because the classes are interdisciplinary, it's not like you're just retaking a high school class.
Also, those of us in the BIC call it the red-headed child of the honors college. The honors college administrators care much more about the honors program and University Scholars, and it shows. (Although the BIC advisors/administrators are great). As part of this, those in the honors program and UScholars get to register for classes first, with the grad students. BIC students only get to register with the Dean's List, a day ahead of the rest of their class, and they only get even that privilege if they're a freshman or a sophomore. Granted, you take very few BIC classes your third and fourth year, but for someone like me who came in a sophomore-credit wise, it was annoying. You'd think we'd be able to register early, as there are certain classes we HAVE to take every semester, and most of them have set times. And it's not like the students in the other programs in the honors college really need to register that much earlier than everyone else. </ranting>
Plus, you're going to have to do a lot of your own advising. BIC advisors don't typically know anything about your major department, and the advisors in your major typically know very little about BIC. There are exceptions, but they're few and far between.
Also, part of it depends on your professors and classmates. As I said before, most of my favorite professors I had for a BIC class. I've also had a couple of professors who weren't as good, though they weren't bad. But also, since the BIC is so discussion-oriented, the success of a class really depends on your peers. I've had classes where we had wonderful discussion, and others where the professor had to do most of the talking.
They're changing courses around all the time, but from my years, at least, the first Examined Life course was a waste of time, though I did like my professor and classmates. I've heard Natural World is difficult and not all that great, as well (it's for non-science majors, so I didn't take it). Also, Social World II was interesting, but I didn't like that it was all large group (most of your earlier BIC classes have both a large group component, with all 200 BIC students from your year in one room, and a small group component, with 20 students and a professor). And there are other little complaints I have about certain classes.
However, despite all that, I really do love the BIC, as I've said before. The large group/small group format is really nice, as you get to hear many professors speak from their areas of expertise, but also get smaller group discussions with an actual professor that you typically wouldn't get if you were taking the regular core classes. It's also nice, because you are taking the same classes at the same time with a group of 200 students, so it helps you get to know people well outside your major (though it's odd, there are still people in my year of BIC I don't recognize, and then there are others who've ended up in quite a few of my small group classes). You get to go on some neat field trips with BIC, too. And I've already mentioned the professors, primary text analysis, and discussions, which are great.
...my goodness, that was long! Well, you asked!