My daughter was quite interested in this for a while, but there is one serious problem: they are making a lot of changes at once, and evaluating the results will not be easy, especially with such a small sample of students who, by self-selection, are going to be anything but representative of the rest (for one thing, they are going to be big risk takers). It will take years to see how well this works, considering how difficult it already is to evaluate the quality of the education at various colleges.
I don't know how much these considerations influenced my daughter, but she ended up picking a conventional college, partly because she applied Early Decision and got in. Minerva might have been on her list for a second round. (And yes, she is a risk taker, and not interested in Greek life or football
The founders are smart people and what they say makes sense, but I know many smart people who made a lot of sense, and their startups still didn't quite work out.