I make the QEF election. That is pretty simple. I just report my share of the ordinary income on line 6a of form 8621 and my share of the capital gain on line 7a of form 8621 using the information provided to me in the PFIC's Annual Statement. It doesn't get much easier - at least for those making the QEF election. I suspect other aspects of the form are much more complicated. From my experience, completing form 8621 is much easier than dealing with k-1's which TurboTax does include in its product.
