I passed the VCP 5 on Monday evening. I started preparing in November 2011 and planned to take the test in December, but I was on R&R from Afghanistan and I got busy with family stuff. I started preparing again the middle of January 2012. My take on the exam, was that you had to know your performance and troubleshooting, as well as the new features. Most of it was vSphere 4 knowledge. If you know the 4 product well and how to work with it, plus learn the new features and how they work, you should be fine. I have not worked with the vSphere 5 product, but have a lot of experience with the,2,3,and 4 versions. Read the blueprint, read all of the vSphere 5 pdfs, brush up on the networking, performance and troubleshooting, new features, and be ready for the scenarios. Great exam.
vmmojo 