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Having never used Exchange until starting this book I found the text easy to follow, with enough depth and coverage on the key factors not only of Exchange, but also the exam objectives. One Complaint, however, is the lack of explanations to the answers given in the book; the inclusion of them would have awarded the book 5 stars.
As with all MCSE Exams, Just reading the book cover to cover is not enough, access to a small network (3-4 computers) is essential, and that way the helpful exercises can be employed to improve you chances of success.
NOTE: Based on the 2nd Edition of this book, I can only imagine how much better the 3rd edition would be
The book only lost a star because the author's unnecessarily long and sometimes pompous writing style was really annoying and distracting, and probably made the book much larger than it needed to be (I'm not kidding). Otherwise, it was well written and well balanced, with few errors.
As a number of people here noted, many of the sample test questions in the book were _identical_ to questions on the actual test, but you should NOT buy this book just to memorize the questions. The depth of information that covers most of these questions will help you learn the basics of Exchange Server 5.5 and learn them well. $.02
PS. The test was NOT Adaptive this time around - Microsoft has switched them back, again. (30 q's, 60 minutes, 633 minimum to pass)
The excellent questions on the cd make this book not just a bargain but a steal. I had the new 30 question exam (no more easy adaptive questions), and scored well. I like what MS is doing to make this exam 'respectful' again.