I go to Birmingham and study Mechanical Engineering, I know Bham doesn't require physics at A-level, if you don't have it you need to have done mechanics modules in maths. The people that hadn't done physics had to work harder to catch up though, so that's worth bearing in mind.
Work load wise I had 20-25 hours of lectures/tutorials a week, on top of this you can expect to do 5-10 hours extra a week average. If you get lazy it can be much less than this though, generally the last week or two of each semester is pretty intense. Second year I have been told to expect a solid 35-40 hours of work a week, lectures and "homework" combined. Students told me this, not staff. Expect to start lectures at 9am most days, some days are 10am for me and 11am is considered a lie in.
As for more job prospects, as with anything it depends how good you are. Talking to ex-members of the formula student team (the ones who have just spent their first year in employment) none of the them found it hard to get jobs and many of them have pretty cool ones.