I did a small yet vague (has to be) writeup here: http://www.vjason.com/2011/08/29/vcp5-exam-passed/
My overall opinion is that if you felt like you could pass the VCP4 exam today, and you spent a good 12-16 hours going through vSphere 5 features, setup, maybe some upgrades you would be well on your way to passing the VCP5. Helping me out is 3.5 total years of vSphere experience, ~1.5 with 4.X and 2 with 3.5, including deployment and upgrades in both cases.
If all you have done is administer existing farms I recommended that you set up a lab and go through all the heavily used features such as DRS, HA, FT, VUM (including host upgrades), some vCLI interaction, distributed vswitches, resource pools, shares, limits, vApps, and so on. Worried about not having any shared storage experience? Download a EMC VNX VSA appliance here and you'll be able to mimic a very real world setup from the hosts to the storage (NetApp makes a VSA as well but is isn't publicly available). Refer to the exam blueprint if you need ideas of additional topics to study.
Having taken both the 410 and 510 exams I can say that they felt similar. Of 85 questions I marked 10 for review, and upon review I felt confident of my answers for almost all of them. I spent about 90 minutes in total on the exam.
My 2 cents: The exam is fair and I suspect that over the next few months we will see a flood of VCP5's.
- Jason
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