This board seems to be pretty dead, which is surprising because the RHCE is supposedly one of the hottest certs right now. I know it seems very well respected at my organization (a Fortune 50 company), and that's the primary reason I'm studying for it. My fellow coworkers, some of which are more knowledgeable than me, claim that it's very difficult. I'll report my thoughts here when I take it.
I've been studying for about two months, and I have about 6 years of work experience. However, there were some topics listed for the exam that I had not been exposed to in very much depth before. These included Sendmail, Squid, PAM, and NIS. I should also mention that the book I'm using is the one by Michael Jang:
http://www.amazon.com/Certified-Engineer-Linux-Study-Certification/dp/0072264543/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1196177032&sr=8-1
...and it is AWESOME. My coworkers who passed the RHCE claim that it was completely accurate and the labs representative of what was actually on the exam. This is seriously one of the most practical, comprehensive, and well-written IT books I've read, and I've read many. Some parts are a bit repetitive, but that is my only complaint. Check it out if you are studying for this exam.