Basic understanding:
The Information Technology Infrastructure Library (ITIL) mainly deals with services, is a set of concepts and practices for Information Technology Services Management (ITSM), Information Technology (IT) development and IT operations. In one sentence it tells you to manage IT in best way.
Difference between ITIL v2 and ITIL v3:
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1)ITIL v2 deals with 11 books which mainly talk about managing IT.
Where as ITIL v3 deals with 11 books + Event management +Security Management.
2)In ITIL v2,the concept of a service catalog was mentioned, but no process was outlined for its creation or maintenance, nor was the distinction made between a business catalog and a technical catalog.
Understanding ITIL:
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Understanding the concepts of business and merging it with technology is the basic funda I found in ITIL,so we have to compare daily business activities to know more about ITIL.
Example: How to start the hotel and manage to get the maximum profit and customers.It is believed that customer is the king.
Preparation:
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From Exam point of view ITIL v3 user guides, reading sample questions and understanding British English can help you clear your exam. Below are few links:
http://www.itilv3.net/
http://itildumps.blogspot.com/