Its fairly new, they only just started it when I was there for a BaArch. It has gotten better with Michael Speaks as dean. He is pretty well-connected and has been able to bring in some good guest lecturers (see lecture series posters) and critics. I've not been too impressed with the work produced by the three-year program students, but the Brown-Foreman studio led by Julien de Smedt and Jason Scroggin looked like it turned out well. I don't know all of who is teaching there now but I do know some of them.

Michael Speaks - teaches a seminar or two, probably relating to Dutch architecture and supermodernism
Drura Parrish - studio professor - Went to SCAD and the SciArc, probably a big factor in bring Speaks to KY. I think worked for Eisenman, then for Hernan Diaz-Alonso, very maya and fabrication oriented.
Jason Scroggin - Studio professor - Went to UK for undergrad then to Columbia. Has taught at Princeton I think, and at a school in Texas. Worked for Libeskind then RUR.
Mike McKay I think is teaching a studio, or at least a seminar or two, I don't know much about him as I only ever had him for a CAD class, but went to UK for Undergrad then to Princeton

Reputation-pretty good locally, I can't speak for the rest of the world, but Speaks has a good reputation so that has probably helped.

Design Philosophy - emphasis on form and social issues over "practical" issues.

Competition for admission probably comparable to other state schools

The facilities suck. They've been talking about updating them for decades and Studio Gang is supposedly designing an addition but its not happening in the near future I suspect.

i was in the first m/arch class (2004) and i actually loved the facilities, but then i had come out of an undergrad that was also in a very old and well-loved/well-beaten-up building.

what used to be the furniture studio has been turned into a pretty amazing fab lab over the past year: 2 cnc tables, 3d printers, laser cutters, in addition to the more traditional shop tools.