I took (and failed) 8V in '05 and that was the most boring study time of my life. It seems that the current exam is a bit less tedious than 8V, but it still very dull and dry.
I am a CFA (and ASA) and after passing each CFA exam I felt that I learned something valuable and applicable in real life. After studying for 8V and now for APMV I feel that I am studying just to pass another exam so that I can pride myself with FSA. I feel that I will forget this material the minute I leave the exam room and it won't matter because this is not meant to prepare you but rather test you only.