There isn't a lot of memorization, but you DO have to understand concepts that are discussed in class and mentioned in the readings. The content of the course hasn't changed from last term.
I think one thing that I didn't like about the course was how different the TAs marked the long paper/essay proposal and the essay/long paper itself. :\ You can always talk to one of the TAs or the prof if you need help with the essay. I usually approach a TA or the prof when I have trouble with a paper.
I don't think Dr. Slonim mentioned the averages for the midterm or the final but I'm sure if you do the work you'll get a good mark.