Most chemistry departments offer two "levels" of Pchem. For chemistry majors there's usually a two semester sequence, one semester focusing on the thermo/stat mech side and one on quantum chemistry. For (most) biology majors and sometimes some chem majors (e.g., BA students at schools that have a BA/BS distinction) there's often a single course that covers some of both, though with a heavy emphasis on the thermo. So first you need to see specifically what's covered in the courses at your school.
The quantum semester of Pchem will indeed not be nearly as deep as a standard two semester quantum sequence in the physics department. It will cover the basics of eigenfunctions, Schroedinger's equation, the hydrogen atom, spin, etc., but with a focus on chemically relevant issues. Thus it will not typically include detailed explorations of angular momentum/spin physics, uncertainty relations, multi-particle quantum systems (except in the specific context of atoms), scattering, fancy calculational methods, etc., not to mention the deeper aspects like symmetries and conservation laws.
Which isn't to say that Pchem is worthless to the physics major -- if you're interested in quantum mechanics as it's applied to chemical systems, then the quantum semester of Pchem may be worth it to you, just as the thermo semester of Pchem will cover some chemical applications of what you learned in physics thermo.