Albany is not the only T3 school with a program like this. Loyola University-New Orleans also has a conditional program. You will want to ask the admissions office how many students actually successfully complete the course. I know at Loyola that approximately one hundred people take the course, but only ten or so successfully complete it and are admitted. The school also has a limited number of seats held for people who are conditionally accepted, so not everyone will pass anyway.
Overall, I think it is 100 percent worth it, considering admission to law school is getting more and more competitive every year. But do get all of the facts from the admissions office concerning the class.
Also, the people I know who were conditionally accepted and got in say the class was a blessing in disguise because it really prepared them for what a law school class is really like. So even if you don't pass it, you will gain some knowledge that will help you in the future.