I competed a two year course, and while there was a degree of box ticking, ie your project must include an example of Rembrandt and broadside lighting ect we were shown how to do this properly and there was weekly field trips and studio time with tutors for practical work.
I would certainly suggest talking to the second years on your course and seeing how they find it because I remember there being a big jump in the course content and quality when going from first to second year. The first year felt very much like a basic introduction to photography which was frustrating / uninteresting if you knew it already but you had to tick the boxes before you went onto second year.
Second year is where the course really paid off for me, where it took the foundation of knowledge from first year and really pushed me to improve my work. There was also a massive jump in the level of practical work required, it was even a course requirement that you had to shoot (or second shoot) a wedding and all of this had to be backed up by tons of research project, but again the tutors were always around if you needed help.
Also see if you can get a copy of the module briefs for second year and have a look through them, it might give you an insight into what you will be doing next year if you decide to go back.