A couple of weeks ago, I passed the macromedia flash mx 2004 certified developers exam. And I'm very glad its over with.
In some ways it was easier than I had expected. The questions seemed very simple, but on very specfic topics. So, in other words if you had done anything with the certian function or component before, then the question was easy, and if you had no idea what the question was about you couldn't even make a logical guess, it was just a straight up guess.
I enjoyed the study guide book. I learned a lot of little tricks, features and functions that would fit perfectly in many situations. I also felt that the questions in the book were pretty close equivalent to the questions on the test. The only problem was that there were many questions on the test that did not come from the book.
I also finished the test with about 20 minutes to spare, so you shouldn't worry about time. I thought the time given was plenty. But then again, I tend to take tests too quickly, and just go with my first instinct and not take the time to revise my answer. Since I am graduated now, and passed this exam, I don't know when I'm going to be taking a test next, so if my test taking strategy is wretched, I don't really care :)
For those planning on taking the test, I reccomend taking about 3 weeks to go thourgh the book then with the last two days before the test, go through help files in flash and ask someone who knows, everything and anything you can think of, for as long as that person is willing to impart their wisdom. Preferably someone who has passed the test also. (thaks to Josh Buhler!) Remember that you don't have to know the subjects in that much detail, just get a decent idea of how something works, what it is called, and what the syntax looks like. Good Luck!
ps. then again I only scored a 72, with a passing score being a 70. So... you might be risking it to take my advise anyhow.