You get 4 hours to do 150 questions with a 70% passing score. What I really liked about the exam setup was you see right away if you got the answer right or wrong. It looked exactly like the practice exams - total questions answered, right, wrong on the right bar. I knew I had passed (at least 105 right) about an hour in, so I was in cruise control the rest of the way. I'm a fast test taker (did the CISSP in 2), but thought four hours is a fair amount of time.
I thought the overall difficulty was ok - not too hard/not too simple. I'm glad I took the course though as it made me familiar with some of the techniques/technologies used. The exam was open book/notes, but there would be no way to look up each and every question in the time allotted.
You have to know what you're doing to pass, but it wasn't so difficult that only uber-geeks could pass. The questions were worded clearly - not weird and wordy like the CISSP. Everything you need to know is in the course books and real-world experience certainly helps as well.
Ed Skoudis was the course instructor and he's a dynamic speaker who really knows his craft. I highly recommend his teaching style. He doesn't teach you how to pass the test, but gives you the tools and knowledge to apply the techniques to succeed on the test.