hmm..interesting topic. Im a lasalle student or maybe an ex student coz i just ended my diploma course a few days ago.
First of all, are u refering to visual arts campus or performing arts? I cant speak for the performing arts sector coz im not from there, i took a diploma in communication design.
Like many people have stated, the system is a very self-driven. When i entered at foundation, it was following this old system, more tetiary. When i moved on to level one, it became OU, Open University so it became a lot more independent, like a University and everything was degree mode. They give u lectures, tutorials, notes and you are expected to go research and find out more. No one's gonna spoon feed you coz that's not how the real world works. True, there are some "heck care" lecturers but then there are also some very very hardworking lecturers who are willing to work with you off school hours and out of campus if you really need it. I've had that priviledge of getting such lecturers and i have certainly learn alot from them. They are people who have worked outside in big advertising agencies and are giving insights to what to expect when u go out to the industry.
As to what they teach us and what kind of projects they give, they give us big things to do, like working on an entire campaign from scratch.
Which means, if you are creating a new company, you have to create the logo, the identity of the company, corporate items, Above the line advertisements (of different media and type like teaser, launch, outdoor, ambient, guerilla etc) and below the line and a whole lot more. I would say that it is very realistic because they train you to get to the top instead of holding you back and asking you to just do a weekly project on one item.
But all that said, it is again up to each individual's passion and interest. Whether or not they want to strive to be the best of just want to get through it and move on. Whether they want to be the kind who gets the notes, play it safe and do just watever or the kind who ventures and sources out and brings in new stuff to the table.