I just took the FE for the first time in October, and somehow I managed to pass the thing. I've been out of school for over five years, and most of the topics on the exam were things I never had in school (thermo, fluids, statics, dynamics, economics, ethics, materials, etc.) since I was an EE major. Basically, math, computers, chemistry, and electricity were the only topics on the exam I was familiar with from prior coursework.
What I did was take the FE review course at the local university. The course was based on the Lindeburg book. I'm embarrassed to say I didn't really study much outside of class, and I found the exam difficult since I didn't really have a clue how to do a lot of the problems.
However, I can say that objectively, the exam questions weren't really all that hard. The exam is called "fundamentals" for a reason. The questions on topics I was familiar with were laughably easy. The Lindeburg book does a good job covering the various topics, and I'd say that the actual exam was a notch easier than what I expected based on the difficulty of Lindeburg's sample questions. If you know everything in the Lindeburg book, you should have no trouble breezing through the exam.
For anyone preparing for the exam, I'd advise them to work the Lindeburg book and get a copy of the FE reference manual ahead of time and become very familar with it. A lot of the exam problems can be easily solved by finding information in the reference manual, but the key is to know where to look. With 120 questions in the morning and 60 in the afternoon, you won't have a lot of time to hunt around. Most people used the entire four hours in the morning, but not very many did in the afternoon.
I thought I had no chance of passing because I was out of school for a while and totally unfamiliar with most of the subject matter, but my passing proves that the test is not an insurmountable obstacle. Just put in some study time and go for it!