What is competency based curriculum like?

I see this method referenced on some medical school websites and on the site for a MSN program I’m interested in. How does it compare to traditional graded education? I love reading and learning, and applying abstract concepts, but I absolutely despise regurgitating rote learned material on test; though I tend to be good at it. How does evaluation work in competency based education? Thanks for anyone who can offer some insight.
Source: Student Doctor Network - Category: Universities & Medical Training Authors: Tags: Nontraditional Students Source Type: forums