My main issue with hospital class we took was the focus on medical stuff. I do understand, though, that it needs to be included. It's good to get that side of things if you're having a hospital birth, and obviously you need to know about what is likely to happen if things go awry.
What would be useful though is to get the 'lowdown' on normal birth. I don't mean just the 3 stages (and yeah, they should include the fourth stage also) and dilating, but an explanation of what is actually happening, both physically and hormonally. We got this in the private class we did. To me it was really helpful to understand how the uterus works during labour and how the hormones interact during labour and birth. It's good to know why it's good to breathe certain ways. Why it's good to relax. Why it's good to move. Why it's good to be upright and so on. And then why stage 4 is so important, with skin to skin contact and initiating breastfeeding etc...
More info about after would also be good. I didn't know if my loss was ok either! I also didn't know ANYTHING about babies or what I was supposed to do with mine.
The focus does seem to be on labour and birth and then stops. There is a lot for you to get through in a limited time, though, so it may not be realistic to go further, but...it would be really good to include a run down of the first week or so. What's normal and what's not. Like, babies being very unsettled around day 2-3 before the milk comes in. How many wet/dirty nappies are normal for newborns (even midwives didn't get this right when I was in hospital). and so on
Maybe some words of advice about caring for your vagina/stitches etc afterwards could be good.
And what about suggesting parents line up help in the home for the first month or so so new mums and dads can concentrate on their little babies - ie, having realistic expectations.
A reading list of recommended parenting books or websites

I'm probably asking too much now...