Sam asked: "I have been slacking off for taking my MCSE exams. now that there is a server 2008 coming out its making me wonder if I should wait and get the 2008 certification where I could save money and time rather than doing 2003 and then and upgrade. Currently I am NOT working on win2003 or exchange but I will be shortly. what do you suggest I do?"
Short Answer: Get certified on the technology you are working with or plan to be on in the near future.
Longer Answer: Our suggestion would be to work on your Server 2003 certifications, unless you are planning to work with 2008 straight off. It sounds like 2003 is in your near future, and if that is the case, your MCSA or MCSE on 2003 could help you be recognized/give you an edge.
Then you could use the upgrade path to move to 2008 (between one and four more exams, depending on what path you take on 2008) whenever that makes sense for you--even if it is a few years from now.
If your near future is predominantly 2008--or you want to get the attention of an organization that is moving to 2008 (of course Microsoft is hoping that is the case!)... then we'd say skip 2003 and start on the Windows Server 2008 exams when they are out early next year.