The informational interview is where you size each other up. They are looking at your transcripts to see if you need anything else before you apply, they want to see if you present yourself as a professional and how easy are you to get along with. (Will you be a pain in the butt?) As for you... you are looking at their professionalism. You are assessing whether you can LIVE there for 2-3 years. Do you feel like they really want you to learn, or just cash the check? Will you come out of that school with a stellar education or just a slip of paper? It is important, don't discount it. (Do your research, only apply where they are worthy to teach you.)
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