My pharmacy school has coop, so the way it works is:
If you're a frosh pharmacy student, you take your general ed crap, and the semester before your P1 year, we take a stupid "communications" class and a general 1 hour a week class on dumb ****, like what are the top 200 drugs and basic sterile products stuff, i.e. how to hold a syringe and other minor things. Then, during the summer before P1, you do a 4 month coop, retail or hospital. Most people do retail, since that allows them to be at home for the summer.
After that, 1 semester of being a P1 with PCol and other fabulous classes i'd rather forget about. Then, another semester of coop, where most people go over to institutional practice sites, and then you take the 2nd semester of P1 in the summer. Yet another coop in the fall, and after that, class forever until rotations.
They don't really integrate it with what you learn at all. All of my P1 classes were all pharmacology based as opposed to practice based; the school expects you to learn all the practice stuff while on coop, which is why we all have preceptors. After coop is when everyone starts taking theraputics, so I guess they want us to see what it's like being a tech, to learn how various places work, and then start teaching us what it takes to dispense and make sure everything is fine and dandy.
So, in summation, basically my school throws us into paid jobs for 4 months at a time (we do have to apply and whatnot but it's more of a formality than anything else), we learn all there is to know, and wait until theraputics to start linking pharmacy school with work. Not bad, compared to the tales i've heard at MCP where they have "simulated" pharmacy, with a P3 as a pharmacist and a P1 as a tech. Then again, now that I think about it, if i had simulated labs I wouldn't have to deal with angry hostile patients. But I think i'd rather get paid.