Overall:

This is a tough exam.  Do not take it lightly.  Even though you have 3 attempts at it, try your best to pass on the 1st attempt.

Focus on the things you’re weak on.  You probably already aware of a few things, but after doing some practice exams, those areas will be highlighted.

You need to have good project management experience AND you need to study hard.

My approach:

I read the PMBOK twice.

I used http://www.oliverlehmann.com and did the 75 and 175 question exam.

I also did a 200 question simulator through http://iwebexam.com that was promoted by http://www.edwelprograms.com/Free-PMP-Practice-Exam.aspx.

Result:

Initiating – Moderately Proficient

Planning – Moderately Proficient

Executing – Proficient

Monitoring and Controlling – Proficient

Closing – Moderately Proficient

Final Thoughts:

If you’re thinking about writing this exam the best piece of advice I can give you is to find others that also want to write it and form study groups.