Let's see...
I'm in my Freshman/Foundation year at Parsons, and I'm relatively happy with my choice and I'm planning to major in Fashion Design.
For a few of the prospective students (I think there were some?
If you're building a portfolio for Foundation entry (which is required for the Fashion Design program, unless you're a transfer student) I highly reccomend having a portfolio that is based around primarily observational work. I went in for an interview, and one of the best tips another student told me was to bring my SKETCHBOOKS. This way you can show off your creative side as well as your technical abilities, they're looking to see your creative process and how you experiment outside of highschool art class.
I had about a 75/100 average upon (barely) graduating highschool, but I got a 1330 on my SATs.
Personally, I'm really happy with Parsons; NYC is an incredible resource for any fashion or art student to have at their fingertips, and that's really emphasized in all of my classes, to use it for inspiration and material.
I think in terms of my classmates, I'm a little underwhelmed by the work quality, I guess Foundation partially serves to get everyone up to the same speed and give them time to be sure about their major choice.
We also do have a pretty good career placement program, they put in a ton of effort to get you internships, usually with alumni.
And, as for the Parsons vs. FIT debate, well... I've heard from a LOT of FIT friends that they wish they had a Foundation year, and are already switching majors.
FIT is more of a technically oriented school, while Parsons is very conceptual.
Which means basically the Parsons students have better ideas, but the FIT kids can actually sew.
(Speaking of which, everyone should look out for the Fusion Fashion Show this spring, if you're interested. It's a battle between 15 designers each from Parsons & FIT, should be interesting.)
Anyone who would like more admissions help, just drop me a line and I'd be glad to help.