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.
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.
Initiating – Moderately Proficient
Planning – Moderately Proficient
Executing – Proficient
Monitoring and Controlling – Proficient
Closing – Moderately Proficient
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.