You certainly would not walk away from those classes with a strong understanding of Ruby, Javascript, HTML, and CSS, plus a primer on agile project management. An associate degree in web development will probably teach you the basics, but there's no way it would be equivalent to six months of intensive training.
And at a community college you can qualify for traditional student loans, GI funding, etc -- making the equation a lot easier. If you know of anyone who's completed one of these programs and is now a full-time developer I'd love to meet them and pick their brain.
Having taught at Boston College's Center for Digital Imaging and Arts (CDIA), I was not impressed with the curriculum and, most importantly, the expectations for students were disappointingly low. It was more of a "pass the time, get the certificate" than a genuine learning environment. I hope it's different here in Denver.