There is no specifc number of seats mentioned on the VIT website under Mtech integrated couse column.

The course curriculum is 70% similar to BTech CSE and IT. 

Good thing about MS SE is it will save you a year when compared to others who pursue a 4+2 years degree to complete PG. 

The subjects are tailor-made to suit software industry. You will be a perfect fit to pursue a software job once you complete this course. Certain subjects like Design Patterns, Requirements Engineering, Software Testing, Software Architecture and Design etc are some of the subjects that are not offered in BTech CSE/IT but are very much relevant and widely used in the Software Industry. There are some optional subjects (electives( like Management Information Systems, Multimedia etc have huge value when learnt at university level. 

But there is definitely a certain amount of discrimination in VIT wrt BTech CSE and IT. Not all companies will make MS SE eligible for their recruitment, but the situation is changing now. The current percentage would be 70% of the companies who recruit BTech CSE/IT are recruiting MS SE students as well. 

I would definitely say that its a good course if you have a IT job on your mind after graduation. 

Note: A student should not have more than 2 arrears at the time of recruitments in order to be eligible for a job interview. This was the rule in 2017 placements and could have changed later which I am unaware now