Solving semidefinite programs in polynomial time We know that linear programs (LP) can be solved exactly in polynomial time using the ellipsoid method or an interior point method like Karmarkar's algorithm. Some LPs with super-polynomial (exponential) number of variables/constraints can also be solved in polynomial time, provided we can design a polynomial time separation oracle for them.

What about semidefinite programs (SDP)? What classes of SDPs can be solved exactly in polynomial time? When an SDP can't be solved exactly, can we always design an FPTAS/PTAS for solving it? What are the technical conditions under which this can be done? Can we solve an SDP with exponential number of variables/constraints in polynomial time, if we can design a polynomial time separation oracle for it?

Can we solve the SDPs that occur in combinatorial optimization problems (MAX-CUT, graph coloring) efficiently? If we can solve only within a $1+\epsilon$ factor, will it not have an effect on constant factor approximation algorithms (like 0.878 for Goemans-Williamson MAX-CUT algorithm)?

Any good reference on this will be highly appreciated.
The ellipsoid method and interior point methods can be extended to solve SDPs as well. You can refer to any standard-texts on SDPs for details. Here's one:
Semidefinite Programming. Vandenberge and Stephen Boyd, 1996.