Hi kat,
I just finished my first year at KSU, so I can answer a bit more specifically regarding our program. It sounds pretty similar to what Emio and Electrophile were saying about Penn and Mizzou.
First semester anatomy lab, first day: here are your lab groups, here's a box of dog bones, do pages x to y. Um, do WHAT to pages x through y? Well, figure it out.
You read through your dissection guide, helping each other identify structures on the bones. Your first exam in vet school is on the bones only--"the bones test"--and the sophomores (that's us!) throw a big party in honor of YOU and your first exam to welcome you here. The party's called Shaft and has a different theme every year (this year, it's Wally and the Chocolate Factory).
Then you actually get your cadaver. Each day it's a different page assignment in your lab guide. Most people stay pretty on schedule, though it takes some groups longer than others to get through certain challenging dissections. Our lab exams are as others have described ("what tendon inserts here?," not just "name the structure.").It's up to your group to delegate/assign tasks for certain days (like who reads, who dissects, etc), so whatever works best for you guys is left up to you. Instructors are always there to help, but it can be a bit of a wait sometimes.
Physiology labs are pretty infrequent. One was on ECGs, another on blood pressure, one observing an equine endoscopy, etc. Sometimes there were additional lectures in that time slot, but often Tuesday afternoons were free after 2pm.
Hope that helps.
Second semester...worry about that when you get there. (We had quizzes every other day in lab instead of exams every few weeks, and you do several species over the course of the semester.)