My son is in his second year; he started at 4yrs old. It's fun, he loves it, and I love that he's in it. I don't really know what they do in the bigger classes, but for the "cubbies" (young kids) I can tell you.
In my opinion, it's really what you make of it. Some people drop off their kids and have them trying to learn the verse in the parking lot, last second. They play and that's all. But with his books, kinda skipped over the first part of the lesson with the little animals and a dinky story, but we do the Bible lesson, read it in our Bible as well, talk about it, and learn the scripture and location of that verse throughout the week. On the page that you sign off saying they learned it (and the teacher signs it when the child quotes the verse), there's an ''extra'' section that is voluntary. We like to do it. It will sometimes ask the child to remember the PREVIOUS week (or 2, or 3) verses, and have a little project you can do. For example, learning "Love your neighbor": we brainstormed ways to show love to others around us and then we made cookies for the 2 old ladies that lived across from us, and we introduced ourselves and had a nice talk with them. Joseph picked up trash out of the neighbor's front yard (just some litter that had blown up on their lawn). Another time we learned about having faith as a mustard seed, and saved and dried some seeds from something we ate that day (apples). That gave me an idea and we planted little tomato seeds in a tray and watched the little seedlings slowly start to grow out of the dirt. We'll watch them grow and produce fruit, which has other seeds, that will later produce more fruit, all from a couple seeds. That's just the extra little bits that are voluntary. I think it's just good foundational things. Not "all" a child needs all week, but helping to lay a foundation is great.
Awanas follows along with the school year and has vacations when school has vacations. For that reason, I also bought a supplementary (extra) book that isn't covered in the class, as stuff that we could do this past summer as a family and that was nice.
I think Awanas is kind of like a vacation Bible school meets cubscouts. They have their little uniform or vest, earn badges, learn scriptures, sing songs, have a little lesson, play games, have some social time with peers, and are encouraged to do some neat things if you go through the extra bits in the book with them. The church where he attends Awanas is a small church and they don't give out the "money", but they keep track of it in a notebook (you earn "Awanas bucks" by earning points for things like coming in uniform, bringing a Bible, attending church---which doesn't have to be at THEIR church, if they have a special night where they dress up listed in the calendar, or bring a friend, etc they earn the "money", and at the church Joseph attends they open the store before Christmas, and at the end of the school year).