Hi bbeestmann - I personally had a great experience at Full Sail University. It requires a certain amount of passion and drive from students to succeed there, with the accelerated programs and highly competitive industry they enter after graduating. So for students who have and maintain the passion and drive, I would say Full Sail is a legitimate institution.
That said, my class of August 2010 started together with 80 students. Only 17 of those 80 graduated on time - meaning without failing one or more classes along the way. And out of that 17, I know of maybe 5 that have been successful in the industry. If you ask those 5 students what they think of Full Sail, I'd bet they would give you the same answer I'm giving. If you ask the other 75, I can understand a frustrated answer of "it's a scam".