I don't know how BSM does as a school, but their prices are great, and I haven't been disappointed with the quality. The decor is a little dated, and the students can work a little more slowly than more experienced pros, but for a $4 razor-cut that's cute and trendy, how can I go wrong? And a $10 pedicure? Sign me up!
PROS: inexpensive, good array of services
CONS: slow, sometimes a long wait due to popularity (Saturdays!)