Just took it several weeks ago.
It is good. Whether it is a refresher class or new material depends on your experience and background. I'd say it was 60/40 (refresher/new). Had I taken the same class a couple of years ago, it probably would have been 30/70.
As treevet said, what it really does well is offers an industry standard. I was in the class with others who have done FAR more risk assessment than I have and I think I may have gotten the 'system' better only because they are pretty well locked into what they have been doing while I am new enough in that part of the game to still be teachable. Not that they don't know what they are doing...they do and are very good at it. But some of the TRAQ process is different than what they have been doing - maybe better, maybe not...but different. I guess you would say "can't teach an old dog new tricks".
For me, the "refresher" part was what to look for, how bad is this defect, is that really a problem, etc... The new part was more about the process of using their matrix to come up with a risk rating and understanding what that means. I think it is a good system and certainly moves us towards having common ground for better communication.
Read the book ahead of time...or at least do a very thorough review of it and read the chapters that you need to learn.
Now I just need to do a better job of selling the service.