I did mine last May (the one where it poured down hard for the whole week!). Thoroughly enjoyed it! As for knives, they issue you with a Frosts Clipper and they prefer that you use it on the course, so that everyone is operating with the same cutting tool. There was no mickey-taking at all on my course. Sure there were some gags and "insightful comments" from the staff, but always to a good end and never ever were they malicious. Don't bother taking an axe or parang - you won't be allowed to use it (except maybe if you've done the campcraft course). Any heavy cutting will be done by the staff. If you've got a folding saw and a crook / hook / spoon knife, take it along. A foam sit-mat is a good idea. There's a fair amount of sitting on logs around the camp fire, carving, making cordage, etc and it helps to reduce the numb-bum!
Tent, Hammock or Tarp, it's up to you. I tarp'd and bivi bag'd it for the week, but sometimes I did wish I'd taken a tent - especially when I woke up to find a HUGE grey tree slug had crawled into my mouth! Yeeuukkk!
You'll spend 2 or 3 nights under a tarp anyway. They supply a Aussie hootchie style tarp and used to supply a British Army bivi bag for that part of the course, but I gather you have to take your own bivi bag nowadays.
If you're getting there by public transport, take a change of clothes for the homeward trip and seal them up in a plastic bag to change into after the final assessment. There was a camp shower for a freshen up, but I was still minging by the end of the week! I took far too many clothes - If I was going again I'd only take one "change" of clothes in addition to what I would wear down to the course, plus the going home set. Socks & underpants are a matter for you to decide!
The course is alcohol free (alcohol & sharp knives - never a good mix), so don't bother taking a crate with you - although I did take my hip flask for a nightly nightcap!
Food was all provided and I never went hungry, although I'd take some extra sweeties as comfort food .
Head torch and spare batteries is a good plan.
Gloves a good thing too - nettle cordage and hot billycans - OUCH!
The course varies a little from course to course, depending on who's leading it, but you will certainly be doing fire by friction (bowdrill) and "one match" firelighting. Making cordage and carving a spoon will almost certainly feature, as will some basic plant / wild food identification. It's no great secret that one meal will involve a rabbit which doesn't come wrapped in plastic from the supermarket! As a group, you'll probably make a one / two person kennel type shelter and may get the chance to sleep in it.
Embrace it and enjoy it! Have a great time!