Somewhat of a side-topic, but I just finished the Coursera compilers class. It didn't seem watered down to me, covering regular expression (including NFA and DFA representations), parsing theory and various top-down and bottom-up parsing algorithms, semantics checking (including a formal semantics notation), code generation (with formal operational notation), local and global optimization, register allocation and garbage collection.

I guess it was partially watered down in that the programming part of the class was optional.