A first course in algebraic topology, at least the ones I'm familiar with, generally gets students to a point where they can calculate homology right away. Building the theory behind it is generally then left for the bulk of the course, in terms of defining singular homology, proof of the harder Eilenberg-Steenrod axioms, cellular chains, and everything else necessary to show that the result is essentially independent of the definitions. A second course then usually takes up the subject of homotopy theory itself, which is harder to learn and often harder to motivate.
This has some disadvantages, e.g. it leaves a discussion of Eilenberg-Maclane spaces and the corresponding study of cohomology operations far in the distance. However, it gets useful machinery directly to people who are consumers of the theory rather than looking to research it long-term.
Many of the more recent references (e.g. tom Dieck's new text) seem to take the point of view that from a strictly logical standpoint a solid foundation in homotopy theory comes first. I've never seen a course taught this way and I'm not really sure if I know anyone who has, but I've often wondered.
So the question is:
Has anyone taught, or been taught, a graduate course in algebraic topology that studied homotopy theory first? What parts of it have been successful or unsuccessful?