I think that as long as you're doing it for the extra challenge and not with the expectation that your son will obtain significant, useful credit towards a college degree you are fine.
My daughter was not able to apply a single AP credit to her degree. They would transfer only as generic credit hours. So she would have had 9 hours, but no coursework satisfied. In the bizarre world of Texas state schools, this actually works against you (once you exceed a certain number of hours, you pay out-of-state tuition).
She had a friend who did the full IB program, obtained a shed load of AP credits, but ended up in pretty much the same boat.
So again, if your son is digging in for the extra challenge, good on him. It will build a solid work ethic. But don't do it if you think you're going to short cut college time, at least not without talking to someone at a college your son is likely to attend. It seems like the counselors at the school are pretty gung ho on the program and are not really in possession of the facts.