In a nutshell - a general engineering program that stresses good design (interaction design, economics, etc.) by stressing the entirety of the design cycle, rather than just a portion. Learns technical material from most engineering disciplines (e.g. we learn circuits and systems but not to the extent of electrical engineers, take algorithms and programming courses, drafting courses, etc.) to get a strong technical background in all disciplines. Specializations come near the end of the degree, in almost any field you want. Jack of all trades, master of one, if you will.
If you're still deciding between engineering programs and want a better idea before you apply, come out to the Ontario University Fair this weekend if you're in the GTA. You should be able to find current students in all disciplines to share their perspectives.
And yes - there are people who graduate into phenomenal jobs, but that's true for every program. The reason why SYDE students are pretty well suited towards product/project management jobs is because of the broad level of knowledge we do, and all the design projects. I'm personally in product management, and while I don't need the same level of knowledge as a developer on my team, I need to be able to communication to them in technical terms and understand what they're building on closer level.