I went for this exam yesterday morning and passed it with a result of 866. It's been about 10 months since this exam was published, but I needed some hands-on experience with the technologies involved before being able to pass it. I am saying technologies, as it is totally not just about SharePoint, but instead has a lot of quesions about Active Directory Federation Servers, Directory Synchronization, Exchange and even Lync. Overall, if you've setup a few Office 365 tenants you should be able to cover the general questions like how to setup a new domain, how to plan and perform migrations and what ports would you need to open on the on-prem firewalls, how to troubleshoot Office 365 issues, etc.
I found the questions on Lync and Exchange the most challenging, the good thing is that we've done quite a big hybrid project recently and I was closely involved with the consultants that did those bits of the scope. Not much questions on SharePoint Online. Lots of PowerShell commandlets which are strictly from the MSOnline module. I've used it a couple of times when setting up Hybrid Search.
So... here's what my result looks like, weakest part is Cloud Identities, well... I kind of prefer another 3rd party identity management provider, rather than setting up SSO through ADFS, but I'll blog about that in one of my next posts. Next exam on the list: 70-347: Enabling Office 365 Services