I just finished my second year of chembio
In second year, we take a lot of courses with the biochem kids, but some of them are similar to required chem courses--phys chem, both orgos, analytical chem. We have a chembio inquiry course and lab course, and the chem people have their own lab and inquiry courses.
In third year, we take mostly chem courses--bio-organic chem, transition metals (which is a prereq for 4th year bio-inorganic chem), spectroscopy: structural elucidation, instrumental analysis, organic synthesis.
Chemical biology focuses on how small molecules affect biological systems--in essence, how to discover or design drugs. That's not the entire focus, but that is a big part of chembio (my favourite part!), and that's not really something you're going to get in pure chem. Pure chem also requires more physics/math.
Advantages of chembio:
-Access to tons of cool equipment, which is one of the reasons for the limited enrollment. The labs are too expensive to run if there's more than 30 people.
Tons of interaction with profs (in our lab course, there were 6 TAs and 2 profs for 25 students)
-Our lab course was really cool (extracting a small molecule from a plant of your choice, and testing to see if the molecule inhibits acetylcholinesterase and could therefore be used as an Alzheimer's drug, and synthesizing a library of compounds to screen against acetylcholinesterase, comparing the structures of the molecules to see which functional groups are important for activity)
-You get to know everyone in your program--they make sure you're all in the same lab section for all of your courses, to build a 'sense of community'
-New program/discipline that is pretty unique, which sets you apart from others when finding a job/applying to grad school
-Profs are constantly asking for feedback and trying to improve the program, and they really take our opinions seriously.
-I think the program has a good balance of chem, biochem and bio (although they are thinking of eliminating one of the biochem courses and one of the bio courses that we didn't really like/think were relevant)
Disadvantages of chembio:
-Intense workload first term...second term wasn't nearly as bad. A third of our program dropped out in first term. If you can stick it out though, second term is so much better!
-Lack of elective space, particularly in 2nd and 3rd year. In 4th year, there's lots of elective room
-It's a new program, so they're still trying to work out some of the kinks...but, it's getting better each year
Try looking at the required courses for both chembio and chem (as well as the chem specializations, if you're interested in any), and see which program has more courses that interest you--that's probably the program you should pick, so that you won't end up in a program that interests you in theory but has a ton of courses you don't like. Comparing courses also gives you an idea of how different/similar the two programs are. I don't know if we necessarily learn 'less' chemistry, but it's definitely different chemistry--more biological/application based, and less theoretical/math/physics/electron-based, if that makes sense.
If you have any questions about chembio, feel free to contact me