Be warned, the rest of this post is pretty much a rant brought on by my inebriated state.
On Digipen, and tech schools in general:
As a Digipen student, I've been paying a lot of attention to this topic. All in all, I agree with JWalsh. Digipen and Fullsail and the like seem to prepare you very well (if you can handle the workload) to get entry level game development jobs, but I can't help thinking that the lack of theoretical studies hurts us as far as preparing for tech lead roles (and the like).
Now, I can really only speak for the Digipen program, since I'm mostly through it, but it is definitely more of a programming degree than a comp sci degree. We do still get a lot of theory, but not nearly as much as I would be exposed to otherwise. We have the basic algorithm analysis classes, and I can definitely prove algorithm correctness and recurance relations and the like, but probably not as well as if I had gotten a traditional degree. Plus, a lot of our math classes tend more towards theory, like the Curves and Surfaces class I'm currently taking and our quaternions class. But still, I can't help but feel that I'm learning a lot more about implementation details than theory, and with teachers that worked in the industry 5-10 years ago (if at all), I can't help but wonder how much of that implementation is dated at this point.
And I definitely would not recommend taking a 2 year "accelerated" course like Fullsail's, or any of that bullshit. At Digipen, we average about 20 credit hours a semester, and I can't imagine trying to compress that much stuff into 2 years of schooling. At least not in such a way that you actually have time to learn and digest any information.
I don't think I've really said all that much, but in summary: Given the choice between a tech school and a normal college, choose the normal college. The Digipen (or whatever is comparable) degreee may help you get a foot in the door, but I doubt you will be as well suited in the long run. Plus, you really miss out on the whole college experience. Basically, unless you are locked in on being a game programmer, and don't mind spending college surround by people who spend their free time playing Magic: The Gathering or DnD in the school cafeteria, go to a regular college. You'll learn more, and almost definitely have more fun doing it.