Speaking as a college programmer that made it through, unlike most of these posts, CP was awesome. No calc, no physics, no payback if you mess up/change your mind, etc. And you still get school paid for... As most previous posts have said, there are not a lot of CP's out there because advanced standing knocks a lot of CP's out going into junior year. That means there are few CP's with adv standing and lots of state tuition waivers to give out. If you are in a state that does this, you can get your tuition waived. Different than scholarship, which you pay back if you get kicked out or change your mind or something. The state tuition waivers are a gift from the state on behalf of the NROTC program you are in. It just waives your tuition, no matter what the value is... also you are not held to the same course checklist that scholarship students are held to: no calc 1&2, no phys 1&2. There is another requirement they have that you would not have as well and I just can't remember what it was.
Bottom line, your grades, if there are advanced standing spots, you top of the list. There are VERY few CP's that have decent grades... why? Because the CP's with good grades already got picked up for scholarship the previous year or something. Most CP's going for advanced standing are only in that situation because their grades were bad, conduct was bad, you name it, they had a problem with their package and they didn't make the scholarship cut. So guys like you that are in the CP/adv standing situation because of when you joined NROTC or other different odd reasons almost always top the list, nationally, for getting advanced standing. I know I did, multiple guys from my unit got it. The only ones that didn't had less than 2.5gpa's.
...The only thing you need to watch out for is that dreaded year that no advanced standing slots come through. And that happens for various reasons, not enough academy guys dropped out, not enough NROTC scholarship guys dropped out, etc. Somewhere the attrition didn't hit the estimates so they don't have slots. Advanced Standing awardees are a essential attrition slot fillers. I only saw 1 semester of my 8 where no slots came down. The other 7 semesters, slots were available and people from my unit got some of them. So if you can dodge that one time no slots come through, you are set. Maybe if you do hit that bad semester, your unit will let you hang around and re-apply the following like that one post said happened to one of his buddies or something.
All in all, awesome deal. Better than scholarship if you ask me, and it honestly is if you make advanced standing and your state is a state tuition waiver participant. You just run the risk of seeing the no slots come down when you are up for adv standing. Its a good deal, PM me if you have more specific questions seeing that so far no one has had first hand experience as a CP and getting adv standing except for the one who was 15 year ago...