This pertains to Air Wisconsin but may be similiar to other airlines.
They are required to to learn CPR, emergency procedures (how to use all doors, slides, O2 bottles, fire extinguishers, med kit, etc), food and beverage service, city codes, announcements, operation of PA, operation of all Galley equipment, security procedures, dealing with pax.
I think that covers pretty much everything but if I was ignorant of anything, please post a followup.
KSU Aviator: I spent 3 years as an F/A at AA before finishing my ratings. All in all not a bad time, it's definitely what she makes of it. AWACoff's post hits most of the general points, PM me if you want more specifics.