I'm biased as I'm one of the lecturers for the PPI course. This is only our second year since PPI started the course and I would say it's a fairly good course and certainly not a waste of money or time. There are still are few areas I know need to be tweaked but we have made a lot of improvements this year based on the feedback of the past year of doing it. Alternatively, I have heard good things about Kaplan and NCSEA's SE review courses. It's hard to find good, objective info since most engineers take only one course and no others, and thus they don't have any info to compare different courses.
The biggest thing about review courses for the SE exam is that it is a huge compromise when they're developed. Bridge engineers get screwed because they're a minority. People who want a lot of the course to be going through problems get screwed as most courses focus on the knowledge base and not working through problems. Alternatively, any courses that focus on going through a lot of problems wont cover as much of the basic knowledge base and help you get familiar with topics you're not dealing with day to day. And, of course, there is simply too much information to cover absolutely everything that can appear on the exam. So, keep in mind that no review course will be perfect and a lot of self-study outside the course will be required. I'd try to find a course that fits best with how you want to learn rather than going entirely off of what other people thought of the course.
PPI's course is setup best for the following person:
-Someone who can work through a lot of problems on their own time.
-Is familiar with a majority of the SE exam topics and needs a course to review the key points on topics they're familiar with.
-Wants a crash course of the basic points of topics they are not familiar with and guidance on how to find further information if they need it.
-Is taking buildings on the SE exam, bridge engineers will get a lot of good info for their morning session but there's not as much focus on bridge afternoon problems as they're in an extreme minority of the review course takers.
-Wants a rigid schedule to ensure they don't focus too much on one topic.
-Wants a good price for the PPI textbooks as they're included with the course.
-Wants to interact with other course takers and read and write questions on the course forums (similar to those who hang out on eng-tips).
-Is understanding that us "instructors" have all of a day between some lectures to prepare and will not be perfect. (It is so much fun to have to switch gears from one review course topic to another, answer emails, forum questions, grade homework, AND review the entirety of an SE exam topic in the time after my day job...)
As far as the "passing guarantee" a few courses offer that these days. I'd say it's worth considering it when you decide on a course but don't make it too much of your focus. Though I will say that many of the people who go through the homework requirements to get the passing guarantee haven't reapplied to the course. Either we're a very crappy review course or a really good one.
If you have any specific questions about the course let me know.
Professional and Structural Engineer (ME, NH, MA)
American Concrete Industries