Rob Farley raised some very interesting points on the subject of making MS certifications more valuable, namely adaptive exams, a much larger question pool, and the possibility of community involvement in helping to write the questions. I think all three are a great ideas.
A really large pool of questions would obviously make it harder for people to simply rote learn the answers. Of course, creating and vetting questions is time-consuming and expensive. One way of creating a bigger pool is, as Rob mentions, to get the .NET developer community involved.
I started wondering how much profit Microsoft makes from the whole certification thing; the exams, books, courses etc? I guess it must be in their interest to spend money on making the certifications as valid as possible. So come on Microsoft, if you think certifications are a good idea, let’s see some money spent on something innovative! It’s a hard problem, but other certification bodies seem to have solved some of the problems (I’m thinking Cisco…), and if anyone has the resources, Microsoft does