I don't know the current norm, but in the early 70s a first year dropout of 40% in any kind of university course did not raise eyebrows.

To the question "Is it any good?" I have to respond with "For what?". In my view such a course should not necessarily be seen in the same light as courses that are meant to lead directly to a specific profession (medicine, law, teaching etc), because it has additional possibilities to offer, such as obtaining and improving skills and knowledge for their own sake, for a start. It should not be judged with the same yardstick therefore.