I got the following from a previous post on AQP
Advance Qualification Program training. It's different than "conventional training" in that there is no technical "check ride". Usually an MV (maneuvers validation) and a LOFT (line orientated flight training). The MV is just that, maneuvers. Steep turns, stalls, whatever. To make sure you do them to the appropriate standard. The loft is for the judgment and overall captain/fo assessment for line operations. It's a train to proficiency method vs doing the required items and doing them either pass/fail. If you screwup, you get training till you get it right vs. getting a pink slip for an unsat performance.
There is usually a different grading criteria, like intentionally exceeding a limitation, safety of flight in doubt, etc are showstoppers or un sats, just like under conventional training.
It can also be A LOT more paper work and head ache for the company as many times the data is tracked by the FAA, and there are more criteria that has to be met as far as how the training was conducted, etc. Especially of the AQP program is new to the airline.
On the MV you get "mulligans" as they are called. You can screw up one thing twice or two things once without getting an un sat. If there is time left at the end of the MV (usually is), you can repeat the one thing you messed up, up to twice. Or the two things once, before getting and un sat and additional training. At least, it was like that at the AQP operator I was at, don't know if it's carrier specific or not.
I guess it just depends on the way your carrier handles it. At the carrier/AQP I was at, the events were pretty close to conventional as far the schedule goes. Also, the oral was similar. Just no pressure of getting a pink slip, just an un sat and retraining till I get it right,