Well, I can try, but really I have mostly good things to say! Of course these are all personal opinions..
-Outstanding faculty (most are working extremely talented performers)
-Classes are extremely informative and you learn a ton
-Big, beautiful city
-Small classes; individualized attention
-Overall, students are extremely supportive of one another
-Upperclassmen are generally very supportive of underclassmen
-Practice rooms and most classrooms are extremely close to the dorms
-NO MATH OR SCIENCE!
-Small Close-knit School
-A lot of performance/audition oppertunities even for freshmen!
-Sometimes the work load is just too much; you would think some of the teachers would realize how many classes we have
-This is not a normal college schedule, we have 23 classes a week and 13 different classes. If you are expecting to have a day off here and there, don't count on it!
-The days are generally from about 9am-6:30 plus homework
-Strict amount of absenses allowed
-Some of the other students are judgemental, which is kind of inevitable with any musical theater program. It's hard going from being one of the best in their town, to being the bottom of the food chain.
-We don't have our own cafeteria/gym; we use Northeastern's
-Small close-knit school is definitly a con for some people
That's all I can think of for now! But if I think of others (which I'm sure I will) I'll post them.
The school IS older, but I wouldn't say the facilities are at all run-down. The theater is smaller but it puts on some amazing shows. The dorms are older brownstones, which I think are BEAUTIFUL! All the classrooms and practice rooms may not be state of the art; but I think the buildings have a lot of character and they work well for their intended use. I would suggest coming to visit if you're worried about that. Of course my opinion is a little swayed since I love it here!!!
As for the cutting thing. For musical theater majors at least, there is a thing called a promotional at the end of first semester in your sophomore year. You sing and act in front a panel and they decide if you have improved and worked hard enough to stay. This is really just a way of weeding out the people who are not serious about pursuing musical theater. Really if you have shown progression and have worked hard, you aren't going to get kicked out. Plus, if they think you are slacking somewhere they give you the second semester of your sophomore year to redeem yourself in that area.
Hope all this helps!!