I went last year. Wife and I drove out from Chicago. ABSOLUTELY take time to see Moab and the National Parks in that area.
As far as the driving day goes, we were out on the track after 1 hour or so of classroom. You do a lead-follow, then you get your own laps on the track, followed by a hot lap with the instructors driving. That took up the morning half.
After lunch you learn the 90° parking box, 180° turn, and figure 8. You then put it all together for timed laps in the Auto-x course. You also get to drive a skid car while others are taking their turn driving the course.
IMO if you have the time off work you should do everything you can to go. I had never done anything like it before and fell in love with it. There were a couple guys in my group that were pretty advanced and had tons of track experience and they said it was still worth it.
You get out of it what you put into it, the instructors are there to answer your questions and they know what they are talking about, especially with the FiST.