Gat0r30y's Journal: License for an EE?

So I graduated ~ 3 years ago with a degree in Electrical Engineering from an ABET accredited institution, but never got around to actually taking my FE (Fundamentals of Engineering) test. I have been working in the field for the last 3 years in a hardware test engineering position. I figured that I had graduated and gotten a good job, why bother going through getting licensed?
Now my company is about to have another round of layoffs and it would appear I need to be ready to move on. Ultimately, I would really like to move into design. Many of the design positions I've looked into require a PE (Professional Engineer) License. Should I start working toward a License? Is it worth it? I have until June to decide if I want to take the FE exam and get certified as an Engineer In Training (EIT).
I'm already three years out of college and I don't exactly have all of the material fresh in my head. I wouldn't be able to take the exam until October, and by then I'm going to have to be in a new job anyway. Should I still pursue a PE? What are the advantages? Disadvantages? Are there ways around taking the test? Any PEs out there - I would really appreciate any insight, advice you could offer a young Engineer who has strayed from the standard course toward a PE.