First off, word has been going around that you can take the textbook in the exam, THIS IS NO LONGER TRUE!
I had heard nothing but bad things about this unit. Unfortunately I also have the same opinion, it's my least favourite maths unit I have taken by far. The lecture notes have been revamped from last time the unit ran, which is good, but the lectures are still crap. Jerome did make an effort to improve them towards the end of semester, though.
Jerome as a tutor is kind of intimidating. He makes an effort to be approachable and to respond to feedback but doesn't quite succeed. The participation marks are easy enough to get though -- just show up to most of the tutes and have something to say every time (present an answer to a question on the board every few weeks, too -- probably the most intimidating thing about the tutes), and you will get full participation marks. Also, marks are given for presentation/clarity, so when you do your assignments (and the exam!) write neatly, and use full English sentences. Keep the maths-speak to a minimum, or you are throwing away free marks.
I felt the exam was more an exercise of how well you can memorise stuff and THEN use it to apply to proofs/theorems, so I kind of got screwed over a bit because I couldn't memorise the specifics of theorems which were needed to start a lot of the proofs off. Not having the textbook I felt was a detriment to me, because I can't always remember specifics and you kind of need that for this subject.
Maths doesn't come that easily to me (and yet it's one of my majors... fail logic is fail). But general consensus is that this is a hard unit and I agree. Think carefully before you choose it. There is no real difference between second and third year level by the way, only in the assignments you will have one extra question. If you need this unit for a pure maths major and you struggle with exams like I do, I recommend trying to get as many of the coursework and participation marks as possible and just trying your best in the exam. If you are really good at self learning, or are a gun at maths, you will be fine.