I have six years experience working with earlier versions of SQL Server. SQL 2000 was also the only Microsoft Professional Exam I ever failed (in all honesty I wasn't really ready for the test and still only missed by 2 questions). With the new Vista/Longhorn series coming out I need to update my MCSE and this is the first of the new electives available and a product series I really want to document my competency in.
What makes SQL Server harder than many of the other exams in the MCSE/MCSA track is that you have to deal with a lot of programming issues and on top of that nearly everything can be done from the Command Line (SQL Queries), so you really need to go in knowing a lot of SQL commands. In addition SQL 2005 has packed in a lot of features - CLR (which lets developers interface other programming languages directly to SQL Server), enhanced XML support, a variety of distributed database configurations that can be created, etc.
There was a lot to cover, and there wasn't any test topic area that wasn't covered by this book. After studying the book the next important things are the practice tests at the end. The two practice tests I found to be more difficult than the real test. This is something I consider to be important for a good exam review, because studying the questions I got wrong definitely helped me improve my score. While my poor practice test performance had me anxious on the way in, I ended up scoring .894 vs a passing grade of .700.