Same here for less courses. I've got 3 organised lectures this term (one being our "core" class), but only 2 next term (including the core course, which runs the full year). The spring is designed to start preliminary work on the thesis, with the chunk of it being done in summer. Ours is due the beginning of September, and I think that's fairly normal.
That said, my housemate is doing his management MSc, and he's in class a LOT more than I am. I think the less lecture time mainly applies to humanities & social sciences, but we have heavy loads of outside reading. He has less homework as such, but a lot more organised classroom time. Your mileage may vary!