hahah you sound very much like how many of the students in the program were, so I guess it would be a good fit for you.
The research track is not chosen when you enter. It's an honors program and you earn your way into it. The MA program is not hard to get into (at least in my opinion). Also, application rates are going down from what I hear, which is actually not a good thing… easier to get in, but you need to ask: why aren/t as many people applying? The PhD (if that's what you are looking for ultimately) is a different story. Not hard to get into per se, but you must play your cards (read: free labor as RA) wisely. The environment is a bit weird, neurotic, and stressful because almost everyone is competing to get into the PhD program. You don't have to fall into that though.
Most classmates were smart, others dropped out, or skated by. As psychrat said, like any other program, some professors were good, others not so good. I will say I had one EXCELLENT professor there, and never had an awful one (although I have heard stories-- especially regarding voluntary lab duties an an MA student). For the most part, I feel I learned a lot there -- and academically they require a lot. However, it's really up to the student. I liked the material. So, I applied myself and did very well. However, if you're just pursuing an MA, go somewhere else. It's too expensive -- and no one will ever think "WOW! The New School!" If you're looking simply for the education, why not a CUNY/SUNY/CC? If you want "wow" factor, go to NYU or Columbia or something.
The New School ain't what it used to be. Very rigid course schedules since you're all on track and competing to get into the PhD -- even if you're not going for the PhD there, you still have to take the courses that ultimately compare you easiest to your peers. The environment was very privileged, very little diversity, and the professors don't really give a **** about you until you are in the PhD program. Also, funding is terrible, the tuition's only gotten more expensive, and the President's salary is in the millions. I think that says a lot about how they view students.
