I do not know much about UHCO because I did not apply there, but here are my thoughts on ICO:
Pros:
1) Facilities: The new "Eyepod" pre-clinical facilities are top-notch as is the Illinois Eye Institute.
2) Curriculum: More hands on, starting the first semester. It is a recent change to their curriculum, they get you in the lab your first semester.
3) Board Rates: ICO has had over 90% passing rates for all three parts the last several years. (
http://www.ico.edu/admissions/faq/#passrate)
Cons:
1) Tuition: 30K/year. No in-state tuition. Cost of living in Chicago is HIGH.
2) Research: ICO is not a research school at all. This is a con only if you are interested in pursuing research.
3) Location: ICO is located in downtown Chicago, so the area is not the best, esp. at night. However, this is the case for many schools so it is not only unique for ICO. Being a closed campus really improves safety though, and I would recommend any first-year student to stay in the RC.
**Although, I have not visited UHCO, I have heard that is it very much into research (comparable to Berkeley) and that it's facilities are pretty nice!
Hope this helps!