I'm in the same situation, I still need to buy the assignment and I am reading the book. Although I have a retired version of the assignment, so I have some idea of what to expect, but I would say there's very little to be gained by having the assignment, unless you are fully prepared.
There's so much you can do before tackling the assignment that I think you are better holding off buying it until you are ready - because you only have a year to complete it, and you never know what may happen down the line to drag you away from the assignment.
The book is good to give you an overall view of things. But I would also look at each of the particular areas of Java that you will need to use and if you are not proficient in those areas, then read up on them also. The book is to teach you about the OCJD, not about the particular areas of Java you may need, so in some areas there's not enough info in the book.
My plan is to:
1) Finish the book from beginning to end.
2) Cover RMI.
3) Cover Threads.
4) Cover Some GUI topics.
5) Cover how I am going to
test areas e.g. GUI, threads.
I'll do (2) and onwards as I am going through the book i.e. I wouldn't do (1) to (5) sequentially. So, for example, I am looking at the RMI section now in the book. The book contains very little on RMI, so I've left the book and gone off to read other resources, do some RMI programming etc.
A few other things I plan to do before actually tackling the exam are:
1) Read this book here
http://www.amazon.com/Java-Developers-Exam-CX-310-252A-CX-310-027/dp/078972992X/ref=sr_1_13?ie=UTF8&qid=1298626511&sr=8-13 , apparently it covers the essay exam quite good. So it is a good idea I think to have an idea of potential exam questions, and how you will answer them, as you are going through the design\development phase.
2) One of the guys here posted a PDF paper about OCJD, I plan to read that.
3) Use the information on this forum. To note down common problems people had, how they approached the problems, various solutions they used etc. This will all help when it comes to the design stage of your project, and will feed into your essay exam i.e. why you made certain choices.
Maybe others who have passed the exam can share their strategy, resources they used etc, this would be helpful
.