When I completed the Master Strat Intel (w/honors) course in '05, the comp consisted of two essay questions picked from a list of five (I think), in an eight hour, proctored sitting (I was able to arrange to do it in two four hour blocks on consecutive days, due to issues with the proctors). I studied by drafting out answers to all five questions repeatedly.

Hard, but fair. After the nightmare stories I've heard about thesis advisors etc, I'm glad I went the comp route.