I also applied to CalArts -- though, I originally had no intention of doing so. When I asked a former professor for a letter of recommendation, she insisted that I look into CalArts (at that point, I was applying to AFI, Chapman, UCLA and USC).
I knew about their Character Animation program (the program that produced John Lasseter, Brad Bird and Tim Burton), but I had absolutely no idea that they offered an MFA in Film Directing (and I wonder if a lot of potential applicants really just don't know about the program).
I, unfortunately, didn't apply by their priority deadline -- and I really regret not doing so, because of all the schools I've applied to I think CalArts probably has the most attractive program (in my opinion, of course).
I've been on campus twice (though, never on an official tour) and I've really enjoyed myself. The admissions people I've dealt with were amazing, and I can even overlook the perceived pretensions of the student body -- it is a film school after all
I also really like that you are required to direct a one-act play in your second year, and I love the emphasis they put on learning the craft of acting. I think that's fantastic (though, I'm sure some might disagree).
If anybody hasn't looked into the program, you can get more info here:
http://muse.calarts.edu/about/catalogs/film0708.pdf.
The real downsides seem to be limited production facilities/equipment and fewer networking opportunities (it's definitely an 'indie' school) -- neither of which are deal breakers for me.
So far I've interviewed with AFI and UCLA, and if I was somehow fortunate enough to be asked to choose between either of those schools and CalArts, I really have no idea what I'd do. It'd be a tough decision -- and I definitely consider myself a 'narrative' filmmaker with real 'industry' sensibilities, but CalArts seems like an attractive place to 'find your voice.'
Best of luck.