Lab reports can be a bitch. Spend time on it. Assignments ARE bitches. Definitely spend time on it. Many people skipped assignments/lab reports, because the commitment this subject demands can at times be unrealistic. (Even I skipped certain lab reports, it's just not worth it). Definitely plan your schedule around this subject.
Most people don't enjoy this subject, because they innately hate physics, and the workload makes it that much worse. Anyone who isn't fascinated by the physical and mathematical interpretation of chemistry, you'd do well to avoid this subject. If you are interested, however, the learning experience will be very rewarding. Despite the horrendous workload and poor administration, it is still my favourite subject.
Course is poorly organised, many parts are poorly taught. You'll need to do your own research on most of the stuff (lectures, labs, assignments. The fact that they don't relate to each other is not surprising at all.) Learn to use scientific databases, they are important.