So who sets the question paper and homework assignments? If it is the same prof who hand over the material, that's not a very good class. I wonder which subject this might work well for.
It works well for courses which are based on critical reasoning such as physics and mathematics. Going both with and without textbooks for many courses I can say that the textbook doesn't make much difference if the notes from the course are done well. If they aren't then the class can be a real pain.