I am current studying with a group of people for step 1 and have found it enormously helpful. Basically we try to get thru 1st year subjects in anywhere from 1-3 sessions that last 2-3 hours (we meet weekly). I think it's useful if you can get in w/ a group of people who are motivated like yourself and can stay on track and keep it productive. In addition, no matter how smart you are, one of your study partners probably knows something you don't so you can all contribute to each others' learning. Obviously, these sessions will only work if everyone comes prepared and have studied the material beforehand. Don't just glance over the material an hour beforehand and expect yourself to know your **** or be able to contribute. Generally, you should spend 3-5 hours beforehand reviewing and memorizing the pertinent details. From what i've heard, the people that do best on step one tend to use study groups. Good luck.