In most of my classes the HW was far more valuable of a measure of ability -- assuming cheating didn't occur. For example, my compilers HW assignments much more greatly captured my learning. I just feel like a semester writing an optimizing compiler is just going to be better than the 90-120 minute final exam.
I’d probably label something that size a project rather than a homework, although I admit my definition is entirely arbitrary.
IMO the ideal class would be 4 or so students working together on a bespoke project, with weekly check-ins with some grad student teaching assistant. The goal would be to do something interesting and new. Of course nobody ever has enough teaching staff for that kind of thing.
