Reeeeeeally tired of seeing people whinge about the exam. JUST DO IT. The exam will NOT change before all your other credits expire so put your energy where it will help you. "Regurgitating processes" is exactly what you'll do when you join the airline that teaches you to fly their aeroplane their way.
I agree that the content is still relevant. "But the 727?!" Well guess what, NOBODY doing this exam now will end up flying a 72 so using that type is actually the constant that this exam needs. If the specimen aeroplane was a 73 you'd be saying 'but I'm going for an Airbus gig blah blah whinge whinge'.