Since I basically based my decision to study Spanish for two and a half weeks in Copan Ruinas on feedback from this forum, I thought I would post a follow-up trip report.
Upon arrival, I thought I'd have to get out of this town pretty fast, it was just so tiny. But once I started Spanish classes at Ixbalanque and started to unwind from the fast-paced lifestyle of Los Angeles, I really enjoyed it. The school was surprisingly good (I have gone to Spanish schools in Guate, Nica, Ecuador, and Peru prior to this trip). The teacher was organized, had a ton of creative exercises and games to make drills more fun, and was adept teaching at a more advanced level. The woman who runs the school, Amadea, was incredibly helpful. The school includes one activity a week (such as a trip to the Hot Springs or a horseback riding trip to a small Mayan village) but she helped me to arrange transportation for more excursions that I wanted to do and found a teacher to accommodate me when I decided I wanted more Spanish classes over the weekend as well. There weren't that many students there (just 3-5) but teachers told me I had missed the high season and that things have not yet recovered from the political unrest that really rocked the economy late last year. Lucky for me, the students I did meet were great and a lot of fun.
Homestay was also great, just a 5 minute walk from the school, nice people, and meals right on schedule. Overall, a really good value to study at school and stay with a local family.
With regards to the town, it is small and can easily be "done" in a day if you want to just see the ruins and take a quick glance around. I really enjoyed the slower pace, tuk-tuk like moto-taxis, and sense that everyone knows everyone else and was so glad I stayed longer. Recommended excursions include Macaw Mountain, Hot Springs (go for the higher-end site that costs $10), horseback riding trip to village of La Pintada, and zip lines. I also went to a organic coffee cooperative run by women and on a hike to another village where they show you how they do ceramics. Both excursions were great but I arranged them by talking to locals and with help of the language school rather than going through tour operators.Check out the discoteque Papachanga if you are more adventurous but if you are a solo female, go in a group.
While I was there, we had frequent blackouts and problems with hot water and running water in general. Also lots of thundershowers in the afternoons and evenings. But I really didn't mind and it's probably not so bad earlier in the summer season. Showers don't usually lost too long anyway. Bring a flashlight and umbrella and some mosquito repellent and you'll be fine.
Hope this helps and brings more students to Ixbalanque. They are a hardworking and very professional school, and in Copan, you really have to use your Spanish because the locals and families don't generally speak English. Much better practice than in some other areas where everyone answers you in English!

