As for how a college math program in Russia compares to the US, I have no idea.
I can speak only about how it was at Saint-Petersburg State University back in late 80's, early 90's when I was first a student and then a graduate student there as a pure math major.
The key differences are:
The education was not only free, but the students were paid quite decent stipends. There was a basic amount that you would get if you maintained a decent academic record, 25% raise to that if your record was really good, and 2.5 times the base if it was truly outstanding (Lenin stipend).
The syllabus for the first 3 years is rigidly structured. One should take certain courses in a certain order. Many courses are interdependent even when run concurrently and professors coordinate with each other to make sure that the proof in one course today could rely on a material from another course from yesterday. The electives appear only during the last two years when all basic are covered and you can choose which part of math you are more interested in.
Everything is done rigorously with full proofs (entirely self-contained) and done just once (in exceptional cases twice). No "gentle introductions", hand-waving, etc. first. You are thrown into the water from day one. The pace is rather fast. If you cannot catch up, you are out and that doesn't bother anyone (they are always ready to help you if you ask for help, but there is no babysitting, grade adjustments, or anything else like that)
There is a separate recitation section for every theory course. Usually the theory is presented in large lectures (100+ students in a room) and recitation groups are 20-25 students. Before you can take an exam, you should get a "zachjot" in the recitation section (pass/fail).
Exams are oral. You should answer a theory question, then show adequate knowledge of the entire course by answering several additional questions. That gave you 4 (an equivalent of B). If you want 5 (A), you should also solve a problem, for which they allow you an hour or an hour and a half. The problem is usually not extremely difficult, but requires some thinking, not merely an application of a ready theorem.
Starting from the 3rd year one should write a piece of original research every year (not necessarily a groundbreaking one, but still not a mere compendium of what is known). Mine was pretty good in year 3, in year 4 the results were rather weak, but still passable, and the final 5th year (when it becomes your "diplom", i.e., the work based on which you get the final certification) was stellar (so my later candidacy of science thesis was 80% based on it). I don't know how other people managed and how strictly the "original work" requirement was enforced, but formally it was there. Nobody would give you a master's degree for just rewriting a dozen pages from an old treatise with fewer than 3 mistakes per page, as I often see in the US.
That is the undergraduate education.
Graduate one was easier: you were supposed to
a) work on your thesis with your adviser,
b) take a few math courses of your choice (and a few compulsory one like "Scientific Communism", of course, but in 90's the teachers of that junk were quite confused themselves about what direction the next gust of the political wind will blow in, so they behaved less aggressively than usual; I got away with 3 (C) knowing next to nothing, and that was sufficient to be allowed to defend)
c) Teach a few recitation sections.
Then you ended with your defense, got the first (candidate of science) degree, and could look for an employment.
If you want to know more details, feel free to ask more specific questions. Note that the Saint-Petersburg University was considered one of the top 3 schools in Russia (the other two were Moscow and Novosibirsk). My friend and colleague from Rostov region always tells me that the metropolises were not real Russia at all and that in their university it all was rather different, but I can tell only what I saw with my eyes and only to the extent I remember it now.
What to consider an advantage and what to consider a disadvantage of such a system compared to the US one can be argued about forever. IMHO, every system can be made to work efficiently if you execute it exactly in the way it was intended and keep in mind that the main goals of an academic institutions is research and education.
Just my two cents, as usual :-)