I've never been to a shed. What are most sheds really about?
Some "sheds" can be big waste of time if the only thing you walk away with is a headache and overkill from the "Wow Factor". BTJM! But......
A shed for me is sitting at my instrument and committing myself to practicing. If I say that "I am shedding" then thats what I am doing.
A shed was usually refered to as a place to administer disciplne.
A Masterclass is a period of instruction given to students of a particular discipline by an expert of that discipline. Master classes for musical instruments tend to focus on the finer details of attack, tone, phrasing, and overall shape, and the student is expected to have complete control of more basic elements such as rhythm and pitch
A jam session is a musical act where musicians gather and play (or simply "jam") without extensive preparation or predefined arrangements; improvisation. Jam sessions may be based upon existing songs or forms, may be loosely based on an agreed chord progression or chart suggested by one participant, or may be wholly improvisational. Jam sessions can range from very loose gatherings of amateurs to sophisticated improvised recording sessions intended to be edited and released to the public.
In my opinion a good shed is a combination of both a Masterclass and Jam Session.