As someone who typically needs to revise my writing quite a bit, I would prefer take home exams. I think by taking the exam under a timed format too much emphasis is placed on writing skills. If you have great writing skills, without the need for revision, this is certainly good for you, however, for someone like me I find it a bit upsetting.
It hasn't impacted my grades in my first few exams, but my Property Professor wrote perhaps the easiest issue spotter question in the history of law school exams, and I am somewhat worried that it could impact my grade negatively.
Oh well, back to studying.
I think I would prefer if they were in class, untimed, and you couldn't bring in notes. (With the expception being you could bring the UCC, FRCP, etc....to utilize on the test) That would even the playing field and everyone would have to rely upon knowledge without easy access to outlines and notes.