I think that may depend on what college or institution you are at.  I know that the two state public colleges I have taught at recently both used IEPs.  I had a student with an IEP in my last class there for physical disabilities.  The college even had a department responsible for assisting students with disabilities and to certify that they had a disability and what accomodations we were required to provide them.  In most cases I had no issues with it, but I had several students who were given 2x the alloted time to complete assignments.  I remember asking, so the class is 16 weeks and the final project is slated to last 12, so am I supposed to give this student 24 weeks to complete the final project?  In some cases I wonder if the IEP has become a crutch and if we aren't handicapping these students further by not holding them to the same standard in class, because I doubt a hiring manager would ever say I am fine with you taking 2x as long to complete a task as another qualified candidate.