I'm not sure how I feel about this.
From one point of view, I think this is an awesome idea, get energetic, smart students down the entrepreneurship path early.
Then my experience of running an actual startup, the ups-and-downs, the intricacies of building a viable _business_, etc come to mind and I think this is a bad idea. It doesn't matter how much mentoring one has - unless you've been in the trenches of a real world business, you have no foundation upon which to base your own. Not everyone can be Zuckerberg (hell, even Facebook isn't profitable yet). I would much prefer an apprenticeship type of setup - or even better offer this course to alums, or be part of the executive MBA program - those in an executive MBA program have industry experience, come with ideas on how they can improve the vertical(s) they worked in, and understand the real world better than a student who has zero experience.
Don't get me wrong - if I were a GATECH student right now, I would love to be part of this program!