Imperial_Samura
Anticrust Smurf
It depends which particular religion/religions it deals with and the focus of it.
About a year ago I did a theology unit (as one of my electives) and it was a subject primarily geared towards the historiography of religion, and thus focused on historical texts and mythology, with a little investigation of modern religions as a result of influences with ancient ones - very much a "what lay in the formation of history and why did people think this way" kind of thing. Because religion has been very influential on history.
Of course that was just one unit, and a more history based one at that. An actual course in theology focusing in, say, Christianity, might be a look at the religion from the perspective of other disciplines such as history, philosophy, and/or anthropology styled around Christian traditions and thought. It would approach this from biblical studies, church history, systematic theology and Christian ethics.
That is my understanding of the way courses run at my university, the main theological ones being Christianity, Islam, Buddhism and then a looser selection of courses such as new age etc.