This is one of the many level 3+ electives for UNSW CSE degrees. For the embedded systems major in computer science, it's one of the prescribed electives.
This course is genuinely popular. Although I believe this course is a little overhyped, it deserves hype without a doubt. This is the course that REALLY starts teaching you about how the computer works, and really helps develop an appreciation for all the things you take for granted on your device. You can pretty much see the course coverage on the Lectures tab in the website (but note that you have to be enrolled to get access to recordings). It's precursor course COMP1521 might not be needed, but is extremely valuable. In fact, these words from the assignment should literally be ringing COMP1521 bells: locks and semaphores, file systems, virtual memory. I would recommended to do this course as quickly as possible after COMP1521, but it's not mandatory to.
You use OS161 in this course, which is a relatively small-scale OS (compared to Linux, Windows, ...). But it's still a couple tens of thousands of lines of code, and you won't have the time to work with all of it. The assignments are tailored to implementing additional features on top of what is already featured in the codebase.
The rule of "planning things out before you code" is perhaps more important than ever to code. It's very easy to get entangled in your code and lose track of what direction you're heading.
It's also stupidly easy to make fatal bugs in this course. For example, back in COMP2521, if you had a memory leak the computer would probably fix it for you. (Reason being that Linux and Windows already know how to.) But if you forget something like a kfree() to a kmalloc() in OS, you pretty much lose the memory forever and break your system for good. (Well, it's fixable, but it's an excruciating pain to fix OS's damaged like this.)
The extended version COMP3891 should appeal to everyone that has a strong, genuine interest in this course. But it's follow-up course COMP9242 is... ahahahahahaha. (But if you loved COMP3231/COMP3891 a lot, you should probably give it a shot.)