I agree with TehMighty here. I took the vertical in April and doubt I passed. I spent the weekend after the test writing down as much as I could remember about the problems that I struggled with, obviously not to memorize them (won't likely see the exact same thing again) but to focus on topics for morning studying and create a lit of checks for the afternoon. I made some mistakes in the afternoon that I forgot in a rush that will apply to any of the options that I may see again. I wish I had the same for the lateral.
I would recommend studying for a year for the first attempt, spend the first 6 months reading and tabbing codes, making flowcharts, organizing, etc. Then spend the next 6 months working problems, with or without a class. With more time, when the inevitable burnout occurs, it's possible to not feel pressured to cram and just take a week or so off from the whole thing to be able to hit it again fresh. Then, take both days and adjust after the results come out. Of course the flaw with this is the possibility of a code change, especially with ACI 2014 coming up, but short of passing both the first try with a few months of study there's no avoiding this.
Also, while there are plenty of topics for all of us that do not apply specifically to our careers, a lot of it does apply very well. So, needing to study again to really get a grasp of the material will have a career long payoff and is not as much time wasted as the PE.