I completed the GCIH exam on 3/18 with a passing score of 93%. I know how helpful it is for me to read reviews of classes, so I wanted to expand upon a few things in addition to the post by Abel:
http://www.techexams.net/forums/sans-institute-giac-certifications/118236-sec504-course-exam-passed.html
First, I attended the Ft. Lauderdale, FL class taught by Kevin Fiscus where I also got to meet abelamorales and EngRob - great guys, and it was a pleasure having class with them.
With regards to the class - I felt like a lot of people who attended the class were under the assumption that you will learn a bunch of tools and be able to start hacking right away - that is not the case. Also, some of the older tools that are used / reviewed in the class require you to lower some security thresholds otherwise enabled by default on Windows 7+ systems. There is a reason for all of this...
Coming out of the class, you should have an excellent understanding as to the
techniques used by attackers against your system - not just knowing how to use a single tool in their arsenal. For example, there is a lab on Nessus and it goes into some examples for how you'd run a scan and identify vulnerabilities. It is less that you know how to use Nessus, and more that you understand the role a vulnerability scanner (i.e. substitute Nessus for Qualys, OpenVAS, Nexpose, etc.) plays in the overall attack process.
I found the labs to be valuable, especially the CTF on Day 6 where you put on your red team gear and use the tools you reviewed in class to exploit systems. I found myself wanting more of that from this class, but understanding that we've already been in class for 46+ hours in a week, it's hard to squeeze out additional in-depth labs (Hello SANS561).
Studying for the test was rather challenging for me. I was studying for the CCENT/CCNA at the time of the Ft. Lauderdale class, but I had also purchased the OnDemand to review closer to my actual testing day. After completing the CCNA at the end of February, I went full speed ahead into building my index and reviewing the GCIH materials. This being my 2nd SANS cert prep, I would watch the videos (taught by John Strand) then read / index from the book. It did get to a point where I was running low on time watching the videos, so I read and indexed most of book 5 without watching the videos. In total, my index was 12 pages back to back. I took a practice test 3 days before my actual test and scored a 90%.
On the day of the test, while my index was of course helpful, my real-world experience also benefited me greatly - particularly as it came to applying the concepts taught in class to the questions asked on the exam. I finished the exam in just over 3 hours, ate lunch, then went home and relaxed

Next on the list: Laying low until I complete my courses at WGU - then I'm thinking SANS560 or 408. Two different tracks, but both applicable for me. I hope this review is helpful to someone who might be on the fence about taking the class or understanding what you will get out of it. It really was a great time, and I learned a lot.