Overall which one would you prefer?
I preferred English Language, hence why I chose it, but rather than provide a list of reasons why I personally preferred it, I'll just answer your questions so you can make more of a deeper analysis (as brief as this is):
I mean, learning about grammar and the language of English sounds very interesting to me, but I'm not sure what exactly you do in it.
Have you looked over the study design?
http://www.vcaa.vic.edu.au/Documents/vce/englishlanguage/englang-sd-2012.pdfSome examples from my experience:
History of the language, sounds in the language, words in the language, grammar, different Englishes spoken around the world and variants from state to state, language used in different groups, for different purposes, the features of language used in different contexts (eg. language used to a boss against to that to your close friends), the spoken/written language, language in the media etc.
Are there essays...?
Yes there are essays, but probably fewer than in English overall. Still doesn't mean there aren't any, nor are they a walk in the park.
and oral presentations like English?
We had a presentation that we did in year 11 about a particular timeline in the history of the English Language, but I assume that may vary from school to school.
Other than that, there are not any oral presentations.