I'm currently there working on my MEI, CFI, CFII. Been there since June 2006, and the school has gone through some ups and downs. When I started there it had more of a freeform FBO feel, and now they're trying to emulate the environment of a larger flight school. Moving to block scheduling, salary, more standardization, etc. A lot of the old instructors have left as the changes are being implemented, because the new scheduling structure has been cumbersome and confusing so far. Things should be getting better as we implement the AIMS system from UND. Only time will tell.
From a logistics standpoint, the school seems to be in high demand for instructors and airplanes at this point. As Champcar said, nobody is being paid salary until the Chinese begin flying (estimate is late November), and from my understanding the $40,000 guarantee does require a 1 year commitment. The add states that "CFIs are not required to commit to work for Air Safety for any minimum period of time," but it does NOT say that you will be paid $40,000 even if you don't commit. Make sure to clarify this if you plan to inquire about employment. I'm not sure what the administrators' plan is to have enough airplanes and instructors for 60 Chinese in less than two months, but I'm not going to say it's impossible. Just not sure how it will pan out.
Also be aware that guys are not getting 100-120 hours a month right now. You'll be doing good to get 50-60 hours before the Chinese arrive. After they get here it will be a different story, but at the moment you'll be getting paid hourly for your time, which is entirely dependent on how ambitious you are as an instructor. Most new CFIs are getting paired with Indian students in 152s and 172s at this point, so be prepared for a lot of Cessna time initially. I would not say there is an abundance of multi-engine time at the school right now. Do not come down here planning on getting thrown in a twin right away unless you've got some kind of crazy overqualified resume to show them. There will eventually be the new crop of private and instrument students coming down the pipeline for multi training, but the opportunity for twin time isn't very strong right now.
If anyone has more questions please post and I'll try to answer them in an unbiased manner. I don't mean to sound overly negative about the school, because I think there is potential for the current situation to get better. I may be sticking around for a while if some of these opportunities come to fruition. There are many guys who left and have a bitter taste in their mouths (and rightfully so, based on certain events), but there are also a lot of good people at this school. You can still get quality instruction here and make some decent money as an instructor, but the bottom line is that the higher-ups are trying to expand their business and make money. I don't fault them for it, but they are changing what they feel is necessary in order to meet their projected goals and it is creating an atmosphere of confusion. Like I said, I think things will settle down, but I can't say when or if it will happen. I hate to see the place turn into a school where everything is sterile and anonymous, but sometimes it needs to happen in order to grow the operation.
Bottom line: the school is going through some big time growing pains. It may come out the other side as a well-oiled machine, or it may be a disaster. I would say you should come for a tour if you're seriously interested and judge for yourself if the place has any potential.