I'm getting a bit out of order here because I just passed the exam without finishing my series on how to pass, but I'd like to jot down a few impressions of the exam while it is fresh in my mind.
First. You can pass (or fail) a large number of questions by knowing (or not knowing) the positive from negative in Earned Value calculations. SV = EV - PV, CV = EV - AC, SPI = EV/PV, CPI = EV/AC so for variances a negative number is BAD and for indexes a number less than 1 is also BAD. We all know that bad means you are spending more or taking longer than planned. Frankly I was shocked by the number of questions on this simple topic.
Second. This experience validated my thesis that it is possible to pass the exam solely using the Guide to the PMBOK as your reference material. There may be a few minor questions which are outside the PMBOX but if you follow up on the references in the appendix then you likely have things covered.
Third. Read the questions. I've worked on a couple of certification exams and believe me that writing the questions is as hard as answering them. There are often many acceptable answers so the person writing the question will have to put limiting words or scenarios into the question so that there is one right or best answer. Look for those words as they will help you choose the answer.
Fourth. Read the answers. Just as writing the questions requires limitations, writing the answers also requires putting something in to make an answer false. There were certainly some answers which were "half-right" but were negated by addition of something irrelevant or incorrect. This and the last point are probably sufficient to pass a quarter of the questions even if you have no idea what the correct answer really is.
Fifth. Cramming apparently works. Psychrometrically the test is supposed to determine if you are a real project management professional, but I think if you have a good memory you can pass this test.
Sixth. Some people advocate a brain-dump technique to write down all the formulas etc. before you start the test. I think this creates unnecessary stress. There were few formulas needed in the test, and if you can remember them long enough to get to the test center, you can certainly hold on to them for another hour or so. In my opinion this is just superstition. That said, the act of writing things down does cement items into your memory, so take notes while studying, but there is no need to worry about carrying all the stuff around with you and barfing it out on paper just before the test.
I hope to continue my series on preparing sometime soon...
Until then, good luck!