I've been there twice. I'd say it is very hippy, and there's a lot of bunk floating around - I saw a water cooler that dispensed "smart water enhanced with classical music" - but that's a given for any place that has to do with spiritual enlightenment. I wouldn't say it was racist, though, but from personal experience most of the foreigners I saw were white and seemed well off. IMO it's neither as bad as /r/india makes it out to be nor as good as some of the commenters here are saying it is.