Yep, I did it and passed the 70-503 exam today. It was tricky, as long as you know WS-* I think you can get through it.
Security played a major role in the exam, in that you needed to be aware of who was doing the communication in the exam, the client or the server and whether the client was a windows client with .NET 3.5 framework or just a web service client. This has a big bearing on what security setting you select. Also, if the security is done at the message level or not.
I suggest those prepping for the exam to read up on the WS-* standards and you should be fine. Have a good working knowledge of where you set the service attribute, at the service or method level. If you take your time and read the questions carefully it easy to discover what is required.
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