I did a single layer cake for each of the classes in course 1 (with the exception of the first one), and decorated it. DH loved taking them to work with him the next day.
You have a final cake for each of the 3 courses, as I understand it. I'm looking forward to course 3 and haven't even started course 2 yet!
I think you'd be able to do a 50th Anniversary cake with what you learn in course 1. My sister and I, after just 3 classes in course 1, did cakes for a bake sale to benefit the American Red Cross, and our cakes went for 3-4 times what the other cakes did, that were just plainly frosted.