The study guide is the only part of the bundle that is essential. As Dan said about the apprentice manual, is "pretty thin and just gives a sparse overview of apprenticeship". The DVD is a video companion to the apprentice manual. While entertaining I didn't get much from it to help with the test.
The study guide, here in California at least, is the single most important publication to studying for the test. While I also studied all the books from the CHC's "essential" list over two years, The study guide made the test quick and easy. It literally took five minutes to take the test and pass with only one missed answer. The trick is to study it. Sounds easy enough, but again as Dan pointed out, this book is not an exciting read. It is literally questions with answers, followed with the correct answer and an explaination.
The method that I used to study the guide was to read through a section, then go back to the beginning of the section and using a sheet of paper or a book mark, (if you order from Western Sporting they include paper book markers) cover the answer and explaination and try to answer the question. When you get to the point that you can quickly and confidently answer all the questions in the guide you are ready for the test.