This subject is divided into two parts. The first 6-7 weeks covers patents (including the requirements for a valid patent + infringement of patents). The rest of the course covers trademarks (including the tort of passing off). Patents can be a little confusing to begin with because there are a lot of technical legal terms that you will need to get use to. Once you get the hang of it is is not too bad. Trademarks and passing off are more straightforward but can be a little confusing here and there.
There is actually not that much content in the course (as an indicator, my exam notes were only 14 pages). The exam requires a lot more factual analysis than other subjects, and less reciting legal principles (which is great IMO). Before the exam, you will be given a sample 'patent specification' along with some 'prior art' (see what I mean about terminology!) which you will need to study for the patents section of the exam. There is also a bit of policy. Policy doesn't feature that heavily in the course but during the first few weeks you will look at 'patentable subject matter' which is pretty topical with things like gene patenting and such.
Lectures move through the material quite quickly which can make it a bit difficult to follow along. The first few weeks will be the most confusing, but once you get on top of it it isn't too bad. Occasionally you will have guest lecturers who are typically legal practitioners in the IP industry. They can be a bit hit and miss.
Finally you don't have to have done IP I to do IP II as they each cover different topics (IP I is more about copyright and registered designs).