Disclaimer: I haven't actually taken any exam yet but my FAR exam is on Monday; I scored a 91 on the practice exam, and I generally feel comfortable with all the topics after 6 brutal weeks.
That being said, I don't think I absorbed any of the information the first time around. Like people above me said, everyone learns differently. I did not take any notes after watching the lectures. However, I did write small notes on why I got questions wrong while doing MCQs.
THEN, when I started my final review, I went back in the book and made a monster document of all the highlighted/underlined information in each chapter. I also added to this after doing MCQs during review. Now I feel like I can recite the whole thing by heart (exaggeration) and have created a handy little review guide, since I'm not really a flash card person. Note, though, that this process took about 2 days of studying to complete, but I feel like it really helped to make myself read the information a second time while creating these notes rather than just aimlessly highlighting whatever Tim G was saying.
Again, I haven't actually taken an exam yet, but I'm feeling very confident for FAR and there was definitely a “light bulb” moment after I went back through a second time and created this document.