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.
Best of luck!
Kelly (Dec 2012 grad, ACE track)