Hi Murray,
The theory exam contains still basic elements of flying, just in a bit more detail than the old SB exam. So you still get questions about what different icons on TCAS mean, different frequencies and about phraesology etc. Other things you would be expected to show are good understanding of instruments and charts - all this sort of thing that I am sure you already know
(dont think it goes past L5 in the Ipack - don't hold me to that though)
For the practical, there is just a simple VFR and IFR flight. For the IFR, you would need to be able to track direct to VORs and NDBs, while maintaining altitude instructions (eg. dct BIG, cross BIG at 6000ft). You will also need to be able to intercept an ILS with vectors and follow it.
For VFR flight, you would just need to depart and navigate fairly near to the airport, reporting as neccessary(sp?). Then with an entry back into the pattern for landing.
Simple - definately not beyond your abilities