Passed my PMP exam on Dec. 31st, 2013.
I found there was a lot of emphasis on Earned value calculations, Risk Management and how to handle changes.
I used up all my time and had only 8 minutes for review. I spent time answering the question right in the first time even if I marked it for reveiw as I wasn't sure if I will have any time remaining in the end.
You should read the questions carefully as they give lot of extra information which may not be relevant and take you in a different direction.
No need to memorize all the ITOs as long as you understand each knowledge area and understand the main T&T and O/Ps. I was worried that I couldn't memorize all the ITOs, however I don't recollect more than 2 questions being asked directly on ITOs. However, you should remember the matrix of all the processes and knowledge area and the sequence of processes within each knowledge area.
Since Initiating and Closing have only 2 knowledge areas each, its easy to master these two process areas.
Try a lot of practice questions and don't get disheartened if you don't score good. Everytime I scored bad I felt I need more practice and reviewed my concepts. Review the questions you got wrong as well as the ones you got right and read the explaination.
I found the PMP exam is heavily based on your practical knowledge and experience and how to apply that knowledge according to PMBok. So don't worry too much about memorizing everything but concentrate on understating the concepts.