It's a really great program. First year is structured in two parts, first semester is a course on sculpture and second semester is painting and drawing. I am not really sure how the other levels are because I am only in first year. So far we've learned to work in so many materials, we even learned a little about bronze casting, which was really cool, Mac is one of the few universities in the country that has a bronze foundry. We also did a bit of printmaking, which you do more of in upper years. There aren't any photography classes, but you can still do some photography if you want to, same with video work, etc. You're really encouraged to work in your own direction.
As for grading, I can't really say since I am still fairly new to the program. Part of the grading process is to have a critique session when your projects are due, where you present your work, and the professor and the other students talk about it. It's pretty common for a lot of schools, but I think that's where the small class sizes work very well, everyone gets along really well and is very encouraging. I can't imagine being in an art program with like 300+ students. So yeah, it's a sweet program!