Half of it is technical skill/scheduled rotations like surgical skills (sterile technique, suturing, gowning, dehorning, castration, etc) and small animal physical exam and stuff, and the other half are random rotations where we basically shadow different areas of the teaching hospital. I suppose mileage varies for everyone based on their 4th years and faculty, but I personally feel that I've learned a lot already, and we're just finishing up week 3 of 8. Sitting in on case rounds in internal medicine is really interesting this week, even if I don't necessarily understand everything... and my assigned fourth year this week has been super fantastic on quizzing me on basic things, encouraging me to start thinking like a clinician, and letting me practice my PCV/TPs and blood draws and charting. They don't treat 1st and 2nd year rotations like they do senior rotations-- because I agree... it would be pointless, then. But the idea is kind of to just get our feet wet and help us see different areas of practice we haven't seen before we have to decide on a track.
I worked at a small animal clinic for quite some time prior to coming here, but being thrown into a full-fledged teaching hospital is an entirely different experience, and I'm so grateful that I have the chance early on. It gives me a better idea of what to expect as a 4th year, and it sticks me in things I wouldn't necessary choose for myself. I'm glad I have the opportunity to change my feelings about cattle NOW, rather than getting to 3rd/4th year and realizing it then.
Sorry for the wall of text; I just honestly can't speak enough good about the way U of I goes about their academics.