I agree with everything you say, Tussy. It's a worrisome trend. No wonder they reassured us the first day that "no one fails ACLS anymore." The fault I think lies in the fact that the course (at least the version I just took) is merely two days in length and the manual is given out on the first day, with basic mastery to be accomplished by the close of the next day. Considering that they revamped quite a bit of it since the last time I certified, it was a daunting challenge. (And why on earth did they remove the rhythm strips?? What the heck were they thinking?) Frankly, I would much prefer that they expand the course by at least two more days to give one the opportunity to absorb it all.
And you are absolutely right: that in a code situation, there are no crib notes. But I like what a previous poster noted: that once passed, they do practice code algorithms amongst themselves during the course of the year.
In my hospital they expect the PGY-2's to be able to run the codes (which I believe is not the norm in most institutions), and in such circumstances an open book format does not help at all.