Hey Michigangirl.  I've talked a lot about this with professors and students and have come to somewhat of an idea of what USC is about.  I think that a degree for USC is well-regarded but it's no secret that the resources are directed to its 5 year undergraduate program.  That isn't to say that the masters degree isn't strong, just that the B.Arch is constantly talked about and consistently ranked top 10.  

I know one of my colleagues who I graduated with that is interning at Morphosis and he has said that some USC grads are working there and he thinks pretty highly of them (well versed, good skills, intelligent folks).  

USC has some pretty cool faculty teaching the studios so I imagine there are some pretty great work opportunities.  The campus is quite nice (not as nice as UCLA or Berkeley, in my opinion) but the location itself is not in the most glamorous part of LA.  

Realistically, USC is not that hard to get into.  I applied to it this year and was admitted but decided to got with UPenn for a variety of personal and academic reasons.  I know some really good students and some really bad students that have both been admitted to USC, so I would think that you would get a mix bag of really talented and driven students vs. the people 'just getting the degree'.  

I know that USC is also trying to desperately and aggressively improve their program by offering hefty scholarships to top students and actively pursuing top candidates and faculty into the school.  I don't know if it's 'there' yet but Qingyun Ma is a fantastic dean and I'm sure it will make some gargantuan leaps in the near future.  

I wouldn't be concerned about petty things like acceptance ratios, the only thing that really matters is if USC fulfills your academic/personal/professional expectations and if you are excited to study/work in the area.

I was also accepted to USC with a pretty good money offer.

Although the campus is beautiful, everyone I talked to said to stay within a two-mile radius of the school becuase of the location.

I went to visit and I have to agree with gregarious, you can see the shift in resources from the undergrad studios to the graduate studios, it's pretty obvious. I'll admit I was kinda bummed about the lack of hands on work being produced at the graduate level.

Although, I also believe it depends on what you're looking for in your education. I have classmates who are in the USC masters program right now. They are all very talented designers but have very different opinions and satisfaction levels with the program so far.

I'd suggest if you're not completely sold on the school/program, go visit and ask as many questions as possible until you find the answers you're looking for. You're already admitted, what would it hurt?

Whether or not being concerned about things like acceptance ratios is petty, i understand it is just nice to know sometimes.  I was accepted to USC last and from what I was told about 40-45 were accepted out of about 250 applicants.  I wouldn't call that official though.  

I personally am satisfied with the M.Arch program thus far.  It definitely is not stagnant.  There is a feeling of progress, action, and even excitement about where the M.Arch program is headed.  I haven't had any well-known professors, but nearly all of them have done an exceptional job at increasing my understanding.  

As for the location, yeah it's not as nice as UCLA, but the neighborhood feels very real, which is a good thing in my opinion.  I take the bus 10 miles to school everyday and love the interactions I have with the people of LA who are just living life the best they can with what little they have.  

You'll hear a lot about all USC student being rich and spoiled, but even if they are, you would never know it.  I for one am paying for my entire education with scholarships and loans, as many of my cohorts are doing.