My issue with single, high-worth exams was that sometimes I would screw up, have some misconception in my head, and if it wasn't cleared up until the exam I was done.
I think you should be examined on a semi-regularly basis where each exam is worth an equal amount of grade.
That way the effects of various externalities, like I was sick, had something bad happen that week, or just didn't learn the material as well as I thought could be smoothed out of a period of time.