I don't think there's only one right way to do this, everyone has different learning preferences. What worked for me was to swiftly read a chapter of the PMBOK guide, then watch the PrepCast video lesson for that section, then go back to the PMBOK guide and re-read carefully, taking bullet pointed notes. In the days leading up to the exam I was reading my notes over multiple times and taking sample exams. The sample exam questions provided by the PrepCast are invaluable, because - as many others have pointed out - the exam does not just ask for straightforward recall of points made in the PMBOK text, but presents you with scenarios and asks you to evaluate likely problems or next steps, so you need to test your ability to do that with sample questions. While I was scoring well on practice tests, I found the exam itself a bit unsettling - it seemed harder than the practice exams, with many questions where I felt there wasn't enough information given and had no idea what the answer was. The key, I think, is not to panic if you are marking more questions for review than you expected - there is quite a lot of time allotted to go back to these. Lastly, in studying for the exam I found there was a judgement to be made about how much and what to memorize by heart, because if I had tried to memorize absolutely everything e.g. the exact EEFs and OPAs cited as inputs to each process, it would have taken me many weeks more to prepare. I think it's important, minimally, to memorize processes by Process Group, components of the PM Plan by process source, all the project documents by process source, all the EV formulas.
