Yep, it is really 3 years long. There is a chance that you can combine your last two semesters, but that is only if they can find extra practicum placements--which they were unable to do this current semester. I have several friends in the traditional program who had planned to combine, but couldn't.
The ACE program is definitely a lot to keep up with, but absolutely doable. There are always a few people who can't manage and have to switch to the traditional track, but most people are able to complete the ACE program.