Yep, I've taken it a couple times and taught an exam prep course a couple times. You really do not need to take a prep course to do well on the exam. The information is right there for you.
In order to develop your palate, get out there and judge some competitions with more experienced judges and brewers. You can develop your palate on your own, too, but I often like to have someone else around as both a sounding board and to pick up something I may not have at first. The trick is learning how to concentrate on the beer and "dissect" it into different flavors, aromas, and mouthfeels. That's a weird way to put it, but it's the best I've been able to come up with.
TL