I think the course is an absolutely stellar way to learn, I certainly had an amazing time there.
I think while Wez is right to some extent, the amount of general knowledge you come away with is entirely upto you - I've got pages and pages of notes on various building techniques and different instruments that I'm pretty sure I could have a good go at building something other than another 12 string. Phil the tutor has 20 years experience in building and repairing guitars, but i suppsoe the onus is o nthe student to take advantage of that.
I would agree that it'd be brave to go straight into building instruments for cash having come straight of the cours,e but I know of a few people who have done it successfully. I've got a few instruments to build for mates before I get stuck into it for real, clearly I'm not as brave as some ;)
I think the main strength of the course is that it is recognised by a lot of people in the industry (previous students now work at Fender Custom Shop, Patrick Eggle, PRS, not to mention Organic Guitars which was founded by an ex student), and your CV is effectively the instrument you build on the course.
The quality of tuition is frankly superb - Phil is one of the nicest men imaginable and is not only incredibly knowledgeable but also has the patience of a saint.
I think finally, going on the course will tell you whether luthiery is what yo uwant to do - 12 weeks isn't all that long, but it's very intensive and so you quickly wrack up a hefty number of hours in the workshop (mine took me over 500 hours). I went on the course for my GAP year as it had been something I've been interested in for years, but having done it I now can't wait to do my next build, and maybe would consider swapping corporate law for luthiery.
It's an expensive cours,e but definatly value for money. Given half a chance I'd enroll for another term there :)
*Rahnooo*