Well, I did it this year... (class of 04)
And it was my worst module for Eng Adv. I just didn't get it. Even going into the HSC exam, I still didn't understand it. However, I still managed to get a Band 6... so not all is lost all you serious '05 people!
Of the two I understood R&G a lot more. Hamlet was very difficult for me. Although, I hear that seeing a *good* film of it makes everything a lot clearer - my friends reccommend the Kenneth Branagh version, which I wish I'd had the opportunity to watch. I only saw this dodgey BBC version where none of the actors understood what they were saying. It didn't help.
Although some of my other friends LOVED transformations... so perhaps Hamlet/R&G is just one of those modules you either "get" or not?