Prashant, I took and passed the Civil/Structural depth exam several years ago. To be blunt, it was a much easier exam and I left hours early. I just took and "failed" the SE I exam for the first time. Darn hard, barely had time to finish, and limited time to re-check anything. Don't feel bad about not passing on the first time. I know several very good engineers that had to take that exam 3 times to pass.
So if you want a quick license, I would do the CE exam. However, with the phasing out of the SE I and II exams in October, you have limited time to pass these before being "forced" to take the new 2 day, 16 hour exam for licensure in many states. I now do work in many states, so not having the SE I and II has been career limiting. Our company has a bonus floating around for people that pass both exams and get licenses in some of those more restrictive states.
A few general comments about the exams. I don't think they pulled any punches and the nature of the exam and typical problems matched the study guides from NCEES. In other words, I think it was a fair exam and I consider myself properly forwarded about the questions I struggled with. After reviewing "failure" the report I received, I think it is correct in identifying my two weak areas. One of them is an area I took for granted and did not study up on the "new" code. (Shame on me)
The SE I exam is very difficult, and focuses on "exacting" by the code/book type answers. The newer codes are very complex and exacting compared to those in the past. For me this is very hard as we don't tend to micro-engineer our designs. Most of the structures I now work with are designed around durability issues and fatigue. In practice, many of the code issues covered on the exam do not dominate. Plus some of the newer codes appear to have less conservative factors of safety in them.
I will be taking the SE 1 again in the fall. But this now means I must pass the SE II in two tries at most. Good luck on you decision