I think that this exam is not comparable with the December 2003. In December 2003, there were a lot of candidates from june 2003. So, they found the exam much easier. I passed in December 2003 (my first time) but honestly, I dont think that the exam was so difficult. The only problem in Level I is the time constraint. You gotta practice with hard questtions not the bs of schweser. And guys, if you dont pass after the second try dont feel frustrated this exam measures your knowledge but more your skills as a test taker.
Good luck for everyone.
The StabberCaptain#1