Weve had AQP at my airline (supplemental 121) for almost 3 years now.
-we do recurrent every 12 months (other airlines may do every 9 mos), unless you fail then you get put on a special program to come back sooner.
-1 day of in-house recurrent GS, followed by 4 sim sessions. The rest of ground school is self study at home, 2x a year.
-first 2 sims (FL-first look and MT-maneuvers training) are real training, geared towards learning. lots of non-ils approaches, managed and unmanaged, and QRH stuff.
-3rd sim (Maneuvers Validation) is like a short PC. Its got your v1 cuts and such. Mostly train to proficiency, you can redo 2 maneuvers.
-4th sim (LOE) follows an open book oral, and its like a LOFT, but this is where you can get a real bust that will follow you around forever. The scenarios range from easy to very challenging.
Everything is graded on a scale of 1 thru 4. 1 is a failure and has to be corrected, a 4 is perfect. Most people get 2's and 3's. Its a little disheartening when you get your first gradesheet
I like the concept of AQP, but I personally would like to do a v1 cut in the sim more than once a year just to keep from getting lazy. I think 9 months is reasonable though.