OK, June 2002 graduate of NWC here. Some of my info may be a little old but in the ball park.
NWC consists of two schools for US students (there are also two equivalent schools for foreign officers but I won't discuss them). There is the College of Naval Command and Staff (CNCS). This is aimed at the O-4 level. Most students are post DH O-4's with a few pre-DH folks (I went before my DH tour). You can also attend as an O-3 who has been selected for O-4. The other schools is College of Naval Warfare (CNW) which is aimed at the O-5 post command level.
Each college runs through the three semesters. JMO is a little longer for CNCS and NSDM is a little longer for CNW. I will go through each semester in turn.
S&P is Strategy and Policy. Basically how nations fight wars. It is pretty much a war a week for 13 weeks or so. Two lectures a week and one seminar. Not much class time but there is a lot of reading. Average is 600 pages a week. You will write four (I wrote 4) 8 page papers on various wars. These get discussed in your weekly seminars. (3-4 students have papers every week).
JMO is Joint Military Operations. How to fight a war. CNCS students get this a little heavier due to the fact that O-4's wil be staff planners. Basically, seminar every day, some exams, a 15 page paper and a planning exercise/war week at the end of the semester.
NSDM is National Security Decision Making. Basically force structure and policy issues. Think Pentagon stuff. Good for O-5's. Class every day, tests and two shorter papers.
You also take one elective every semester that can coverage a range of topics from the other services to the media to foreign relations.
Overall, it was a great year. If you get a B average or higher, you get a degree in National and Strategic Studies. Getting an A is hard, getting a C is harder. I had a good time there and learned a lot. Definitely renewed my interest in history as well.
Hope this info helps. Also check out
www.nwc.navy.mil for more info.