Civ Pro and Property last semester were both closed book in class.
Contracts this semester is closed book in class; torts is open book but in class.
I haven't taken the Torts final yet, but the mid-term was open book in class as well. I agree that you won't have much time to consult with the materials during the exam and fully address the issues. For the midterm, I created a summary outline which I was able to refer to quickly and use as a checklist to make sure I covered all the points. Once or twice I went back to the detail outline or the case-book, but not often. There just isn't enough time, so you better know the material pretty well coming into an open book exam.
Also, our torts professor basically said he gives no credit for listing elements, etc. that can be copied from the book or your outline. His emphasis is on the analysis you do using the rules, not knowing the rules. So you won't get much credit for anything you take out of the materials you use anyway.