My understanding is that, like any new program, there have been several growing pains. It has taken students a long time to get through the program, and there have been difficulties securing clinical practica placements. I'm not sure if they even have a training clinic in their department, which is pretty standard for most clinical psych PhD programs. I once spoke with a student in the program at a conference, and she explained that, at one point, there had been talk about discontinuing the program altogether.
On the flip side, the faculty are really excellent, and Boston is a fun, vibrant city.
At one point, it stated on their website that the earliest they could be up for accreditation was this past year, 2005. Not sure if they have had their site visit, though.