Short answer: yes.
Long answer: If you're traditionally a good standardized test taker (ACT/SAT/etc.), you don't need to study too much. If you need a lot of prep classes for tests, then you'll need to spend more time. I would wait at least a year before studying...I took the test in 2009, and studied for like a month beforehand just to learn how the test works and review super basic math stuff (like long-division since calculators weren't allowed, although now they are I think?). They recently changed the exam format though, and so I would think if people had started studying in 2009 or 2010 for the exam and wanted to take it later this year, they would have wasted their time because several things are changing significantly in the exam. They probably won't change the test anytime soon again, but you never know.
Focus on getting good grades in your prereqs and the rest of your classes for now, and worry about the GRE later.