I completed EE2 this year. Its really not THAT hard. I did a short story... you just have to be consistent and watch your time... its daunting but heaps rewarding.
my advise would be to steer clear of poetry unless you know you're REALLY REALLY REALLY good! If poetry is what you wanna do, I'd suggest writing some before the course and asking teachers and even university professors/lecturers to read it and tell you whether or not its good enough. Its marked by university markers!
8000 words isn't as many as you'd think. Once you start writing it takes a lot of work to stop and edit.
The level of sophistication expected is pretty high, but my dad is a uni professor and he said that that doesn't mean a lot of ENORMOUS words, its more how you use and compose your words. Though, a few biggies here and there doesn't hurt
Reflection is a bit of a bitch but you have everything you need for it in your journal. It's also awesome cause there is no exam ;D
I'd actually recommend this course, it's a lot of fun.
(please note: also a lot of work.)