Just took it today. I agree that the questions are pretty damn long, so be sure to do a lot of them to prepare yourself. This was my first shelf and I knew that the questions were going to be longer than on the USMLE, and they were. I think I was one of the only people that finished on time. You need to read the entire question stem, too, since there will literally be one word in there that gives away the diagnosis. I recommend reading the last sentence in q's that give you lots of lab values, since they usually gave the answer away.
As far as subject material, it's the same as all of the other shelf exams - they test you on everything. Go to the NBME website to see the breakdown by subjects. Nothing was over/underrepresented on my exam.
Overall, I didn't think the exam was too terrible. The majority of q's are based on classic presentations. Definitely not as hard as Pretest (which had the hardest questions of any question book I did), but there are some tough questions scattered throughout. In fact, I don't know why so many people around here recommend Pretest. Questions asking for the next best step or treatment are always the hardest. I was surprised that there were no questions on storage diseases, no calculations, and no immunization questions. Only 2 developmental q's that were straightforward.
Buzzwords are there, so know them!
As far as prep, I started with FA Peds but realized it was impossible for me to come home and sit down and read that 400 page monster. I ended up doing Case Files, Peds section in FA CK book, Pretest q's (tough q's that I would save for last), A&L review q's (not in shelf format, but great for nailing in the basics), Blueprints Q&A q's (good), and peds q's from Kaplan QBook (good, but verrry long explanations). I think all of those q's covered my bases well. Hopefully I did ok.
Update: Final score - 88 raw (I was disappointed at first, but the clerkship director told me that only 10 people make this high of a score per year).