Well... I can give you some insight if you wish, mainly due to me being on the second year now!
As I was among the first group of students to enter the new IMB (ITMB - As known at other uni's), there were some obvious teething problems, some complaints were made about the level of IT in the first year of the course.
Moving into the second year though, it seems to be moving towards business theory and practical tasks such as consultancy group roles, group reports etc.
I can say that when joining the course you will get a fairly good experience, as many things are being changed and I am on the committee for the IMB course, failings and improvements have been made clear since we started the course in 2007.
The only issue many of us have at the moment, is the lack of options! We only get to choose options or rather "An option" in our final year, but we are hassling them to allow us two choices.
In terms of employment, a few on our course have secured internships for summer 09, one of them in Barcap, but obviously it is still early to receive concrete offers, but many have got through various stages so far for Deloitte, P&G and various banking firms.
If you have any other questions etc, drop me a line.
Rob