I had a class like this, Discrete Mathematics, with no grades or assigned homework and just a graded midterm and final. It was easily my least favorite class; I didn't know where to spend my time and spent most of the semester wandering aimlessly through the material. The final was very difficult but open book (to help make up for the lack of structure in the course?) and ended up having a ridiculous curve.
Could have also just been a bad professor though.