I prefer lots of smaller, different tests to a large single test. At University we had one module (class) that was tested in four different ways. One multiple choice exam, around 200 questions over two or so hours which was worth a small percentage of the overall grade. One short written assignment of a few hundred words on a set subject also worth a small amount. One large(ish) written assignment of around 10,000 words that was I think about one third of the overall grade. And finally a written exam, about four essay style answers but you get to choose from around 10 options which was another third of the overall grade. That style tested a number of different aspects that weren't just fact retention, although the multiple choice exam was pretty much there to bump up everyones gradesa bit to stop people failing.
My High School physics class also had the A-Level coursework split in to three parts, each one designed to test a different aspect of your abilities. One for research, one for presentation and one for experimental design and practical ability. I found it far better than the Biology coursework which was one practical experiment each year that everyone did together, we didn't cover anything new and we didn't get to stand out from the plebs in the class.
I find it much less stressful to be tested in small chunks and my grades were always higher in things that had multiple examinations rather than one long written exam. Practical exams and coursework are also a lot less frustrating as you can often take your time and work on them at your own pace which leads to better work.