The Fast Track isn't watered down, it's just way more info than what the ICM is (and includes Enterprise Plus info). The question is more a question of how well do you learn when you get a glut of info given to you. The way to compare it is to consider which you prefer: drinking out of a water hose (ICM) or drinking out of a firehose (FT).
Fast Track is all of ICM plus the What's New class and an additional 2-3 modules.
If you have the option of doing the Fast track course over the ICM I would jump at the chance, you are effectively getting 2 courses for the price of 1.5. there is a lot of slack in the ICM at the front that can be compacted and the extra modules that are in the FT are well worth the cost.
think of it this way ICM (install configure manage) two of those you only do the once. manange is ongoing, aslo the modules in the FT are also aimed at support and management.
How much knowledge or how much experience do you need to have in networking/storage for these courses? Currently we are a smaller office, running netapp storage, juniper L3 switches with only a couple vlans. There is nothing really fancy about our network... YET!!!
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It helps but not required. A basic understanding of how networking works (OSI model, TCP/IP, etc.) and basics of shared storage concepts (the idea of LUNs, arrays, etc.) is really what you need. The courses themselves are vendor neutral and doesn't really get into how to configure switches or storage on those ends. For that, speaking to those vendors as to their specific requirements is a better options.