I chose LIPA as one of my UCAS choices. Got invited to an audition day for exactly what you want to do, Perf Arts Acting. There were about 70 of us and this was just one day of auditions out of a couple of weeks I think - so competition is tough. Anyway in the morning we did workshop stuff, games etc and then did individual auditions with tutors where we had to recite 2 audition pieces and sing a song.
After a break for lunch all 70 of us were told which 15 or so would go through to the afternoon. I got through to the afternoon and again this was workshops, games and finally doing our audition pieces again but this time infront of everyone. It was nothing to worry about and all good fun. They stressed that only a few people out of the 15 would get in. I'm guessing they maybe took 4 from our day and 3 or 4 from all the other audition dates. I didn't get in and am startin Manchester next week. I'm actually glad now because I don't necessarily want to do just acting, but being honest I was gutted at the time.
I'd say its definately worth a shot and if acting is what you definately want to do - go for it. Only one thing to remember is the 'drama school' status that Lipa lacks and how it is not an accreditted drama school. It doesn't necessarily have the same prestige as places like Central, Rada etc.