I don't want to ramble off another long post, but in short I think it's decent the way it is. It covers most of what is learned in undergrad without overemphasizing anything particular. Yes real physics problems aren't multiple choice, but having 100 questions is better since it's not as a luck-based as an in-class or prelim exam with 3-4 hit or miss problems. The length is appropriate, since you need a test covering 4 years of material to be as long as possible, and 3 hours is about as long as you can make an exam without breaking it up into sections.
While I thought a few of the questions on the practice exams (and my real exam) just weren't reasonable, I like the test overall. It has a good balance between calculation problems, theoretical derivations and conceptual word problems. The BIGGEST change that's needed would be the test dates. April/Oct/Nov is a major improvement over April/Nov/Dec, but they really should have a summer date!
There was a short discussion last year about restructuring the test