Please take this with a 3kg grain of salt, but from what I've read here on SDN it seems like the Genetics program is worthwhile depending on the applicant. From what I've heard on this crazy board, a number of people end up getting into Tulane from the program while others get the necessary 'bump' in their application to make them just a little bit more competitive at other schools.
In the end, your competitiveness (read: mostly numbers) will make a large determination in where you end up going. If you have a poor undergraduate GPA, look into other programs designed to help you out in that area; pursuing a Masters degree might not be worth the time and the money if your end goal is medical school. If your MCAT isn't fantastic, take a course to improve it. If your MCAT and GPA are close to being good enough for medical schools to consider but a little bit short, a Masters at Tulane could definitely help your overall application (but it won't actually change your GPA).
In short, it's difficult to make hard and fast recommendations on whether or not a program is good. It really depends on the applicant. Best of luck.