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Well, my background (MBA, actuary, investment consultant) probably filled in the other hundreds of hours–besides, I spent probably 150-200 hrs during the 14 days I prepped CFA III.  Just counting this time around, not the first time I failed.  That was probably another 50-75 hrs.  So add the two up, and they are about the same.  And I barely passed.
I think it’s more about shaving a few hours off the amount of studying required because it’s done so close, and so intensely, relative to the test itself.  But thatnks bro.

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