I know several out-of-staters who decided to bite the bullet and go to UCHSC--the big kicker is that you'd really want to live in Denver, which these people all did. If you're outdoors oriented, Denver is the best city in the country, in my opinion. It also has the best weather in the country, and so it is an ideal place to live for people with a certain temperment and personality.
MacGyver, you're right but at the interview day the admissions folks seem to imply that pretty much everybody who gets in out of state WILL be able to get in-state after the first year, but since I'm an in-stater I don't know what kind of hoops they have to jump through.
I'm a pretty staunch advocate of Colorado, but interestingly I'll probably be leaving for school . . .
So, I would say that the only reason to come of UCHSC as an out-of-stater is the location, not anything spectacular that the school itself provides, although it is a pretty strong one--TONS of research goes on here, as much (if not more) as at a lot of the bigger name schools, and it's really highly ranked for primary care.
Just my thoughts.