I used to take it.
It's like any other language subject, just with it's own quirks obviously.
The exams (in my experience, although I was learning abroad) are generally theory. I used to have more spoken examinations, but not for Latin (maybe because it is a "dead" language and everything).
Latin is different to other languages in that there are not words for modern appliances and things like that... and it can often be hard to learn, as putting it into daily life contexts can be awkward and frustrating (you can't chat about wanting a milkshake, or stuff like that as you might in German).
It is a lot of fun though, if you have the patience, as you learn a lot about the society as well within the subject.