Check out the UT website, it has some good info. As for my thoughts. If you have your education req's, a good service background, some demonstrated leadership(at work, sports teams, volunteer work), and have thouroughly researched the trades you are applying for, the program is there for the taking. It usually takes more than one application to be accepted, as they want to see that you are committed to it(but some do get accepted first time around). Your CO's recommendations imo are the most important part of the application.
Depending how much time you will be given to finish your degree, and what degree you take consider your trade choice wisely. It is possible to VOR after you get in, but it gets more difficult every year, and by the fourth year there usually has to be someone in the other trade willing to do a 1 - 1 switch (ask the RO's about that one). You can goto Civ U or RMC, its not up to you but they take it very much into consideration where you want to go, especially if you have good reasons i.e. wife's job, kids in school, sick family etc. RMC is a good school with a good reputation on the science/engineering side, but the military focused degrees like mil studs/mil arts and science, aren't going to be as easy to sell on civvy street(but are still very respectable degrees). I went there, and it was great. Small classes, good profs, mostly all military related subjects (arts anyways). Otter Sqn is great, you are left alone besides a few parades and sports events. So for your whole time there you pretty much go to class and go home.
You cant beat the program, a relatively free eduction, while maintaining your current pay. If you are a Mcpl or above you will graduate university and be commissioned as a Lt. No big deal for Cpls, as you are promoted to Lt one year after commissioning (as long as you've completed Ph IV). As for wanting to be an officer just to get the education for free, I would caution on that as if you really don't want to be one, don't do it. To get out before your obligatory service is up if you are unhappy can get pretty expensive. Thats all I can think of right now, any more questions, pm me.
