I did a hybrid masters in CS - half the year was taught and half the year was research. Of the 6 classes I was taught 2 of them were undergrad level (and they were 3rd/final year level at that), and the rest were definitely a level above undergrad. Most were actively learning about the state of the art in their areas, or very close to it. Of the 15 or so students, 5 of us had our names on papers from the research we did for the second period. My experience may be atypical, but I definitely believe there is a range available, and it's unfortunately up to a student to try to discern the two.