I want to be emersed in Austrian Economics but I am not sure what to expect from the University.
1. What is the University?
2. What is the program of instruction?
3. How does one choose what classes are taken?
4. Are there classes or am I totally misunderstanding what the University is?
It's a week-long seminar on Austrian Economics. It's held at the Ludwig Von Mises Institute in Auburn Alabama. It consists of 6-8 lectures per day with breaks for meals and socializing. For the first few days everyone attends the same lectures which cover the birth of Austrian Economics and the basics of Austrian Economic theory, and then for the rest of the week there are many concurrent lectures so you have to pick which ones to attend. Topics range from Economics to History to Political Philosophy. You can see the schedule of Mises University 2008 here to get an idea of what kinds of lectures are offered.
I'd highly recommend you go. I went this past year and it was an amazing way to get a week of intensive study in Austrian Economics as well as a way to meet and network with people to discuss ideas. I made friends that i've stayed in contact with through facebook and email and we still hold discussions on various things. It's also a great way to talk to the professors, all of the speakers are very friendly and eager to answer questions after the lectures and during meals/social hours, it was really a great experience.