Yesterday we had a junior team member run into a problem with a data structure, so that led to an off the cuff tutorial on data structures (linked lists, hash tables, benefits, trade offs, etc) for several team members, but in the context of the current project. And wasn't a part of the academy, just how we mentor our team. We've found that kind of "in context learning" is much more effective than many classroom environments.
I'm not sure how far back the idea goes, but I've only seen it recently, so I'm not sure what you'll find in terms of formal employment rates. However the RoleModel program is lining up sponsors. A "sponsor", among other things, gets first crack at interviewing the graduates. http://craftsmanshipacademy.com/sponsor/ But I must say, I don't think you'll find Ruby a bad skillset to have. http://news.ycombinator.com/item?id=3404616
I strongly suspect these programs are just the beginning of the backlash against what many are calling the higher education bubble. People are tired of graduating thousands (or tens of thousands!) of dollars in debt after investing years of their life. These programs compress down the process, and eliminate a lot of the non-core learning, to help you become productive as quickly as possible.
I have a CS degree, but have seen and worked with a number of the people that have come through the RoleModel mentoring program in past years. I think the academy concept is a more formal iteration of that same idea. I'm looking forward to our first class in a few months.
There are plenty of tutorials on the internet about data structures, relatively few about algorithm analysis.