Pros
Valuable experience to be gained during or post-undergrad. Hire a variety of individuals from across North America with common interest - work among many like minded individuals. Housing is covered by the Ranch which allows you to make your way out to CO and work for the summer/winter without the hassle of finding housing from another state/province.
Cons
Must cover your own travel expenses to and from Colorado. Expected to work an unreasonable amount of hours in exchange for compensation of room & board (expecting to cover your own expenses on the weekends), which certainly would come in as less than being paid an hourly wage. You're better off trying to get into the residency program if you have any interest in developing your own artistic practice.