Ehhh, it was good in some way, and a waste of time in others. It would been great if the academy actually prepared me from how the agency operated in the field. Then again, if I didn't have such a lazy & ****ty FTO I probably would have been much more successful (and after I left, I heard this was a common complaint from other new people about this particular FTO).
I do think in general, academies (4-6 weeks long) are a great idea, as they help ensure that each new hire is taught the same content, and ensure that everyone knows "the agency's" way of doing things. This needs to be reinforced by the FTOs, and the FTOs also need to know what was covered in the academy, and also practice what the academy teaches when they have a new person and when they don't.
If they waste your time from trivial BS, than it's a failure on the agency (and yes, I know there is some mandatory stuff that needs to be covered). But it seems to work for many FDs, and works for many PDs, there is no reason why it shouldn't work for EMS agencies.