What potential issues could you envision taking a PhD course as a MA student?

I am a first year, second semester MA student. I have signed up for a course which has all PhD students and one other 2nd year MA student in it. I am interested in the topic (fetishism, via marx and freud, et al). My peer is warning me against it, or to at least have a realistic vision of it. He says that I should consider waiting once I know more of what I want to research. He also believe that it’ll be rigorous and taxing and for a perfectionist (like myself) it might be difficult to stay at their level.

To be honest, I have romantic feelings about it, in the sense that I want to learn and work hard and I enjoy the subject. For me, what else is there? A challenge is good. But I am trying not to be too naive and I am leaving my options open with other classes.

There will be mostly readings and discussions. Two assignments are 1) 15–20 presentation to class on a week’s readings and 2) a final paper. Straightforward.

I am a hard worker and believe that I can hang. Is there something I am missing? Will be happy to answer any more questions you have.