I found your question when I was checking to see if they added our class picture to their site yet. I'm a graduate and I had a good experience so I'll give you my two cents...
The first few days of the course are filled with good general information about drilling fluids and the drilling rig so that you can get brought up to speed on everything that entry level Mud Engineers see and use on the job. This is all covered in the first 10 or so power point lectures and it really let everyone in our class get used to being back in "school".
After these introduction or "primer" lectures we did some basic field calculations which were really pretty easy (and I normally have a hard time with math). Then, when we finished our problem sets, we got to start lab work which teaches you how to perform each basic Mud Test using a Mud Kit and a Mud Manual. During labs you work with a partner and most of the rest of class is spent troubleshooting contaminants in different Muds with different products. Some Muds are more tough to fix than others, but you get to take enough breaks so that you don't burn out like a hot Retort. I remember that by the end of each week we were pretty worn out from testing Mud, but we still had enough time and energy to check out the area because there is a lot of fun to have in town.
Closer to the end of class there is a review of the material so you don't confuse your PV with your YP etc... Some of the guys in my class who had been on a rig didn't like the review too much, but I thought it was helpful because before Ace I had no experience related to the oilfield. In all, it was a really good course and I learned way more than I thought I would. Also, after getting my Certificate it took me 3 weeks to find a job in one of the top 3 drilling fluids companies out there. Now, I get to walk around in Blue for 2 weeks out of every month because I work for 2 weeks on the rig and then get 2 weeks off. A lot of people have heard of Ace Mud School out in the field so they have a good reputation and most of the other guys in my class were able to find jobs pretty quickly in both big and small drilling fluids companies too. Good luck, and don't forget to ask for study tips for the tests. They will save you a lot of time and free up your weekends.
My experience going through the school.