I think that Boston Conservatory is one school that still has a traditional cut system (they admit more to the first year class than they actually plan to graduate, so some students have to go). See the FAQ at the top of the page on cut/jury systems.
Also see:
http://talk.collegeconfidential.com/.../t-120575.html
"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"
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