I think I'll probably end up taking the exams. Simply because I will spend some time learning about 2012 and the various aspects of it. I could probably do with doing some more work on cloud based solutions too. So in that respect I guess the certifications are good in directing my attention to what might become more relevant in years to come in this profession. Plus it's always nice to have something to show for all the studying you've done!

Having said that, I would be very concerned if someone looked at my CV and gave me a job solely based on the number of certifications I had. Passing an exam is a skill in itself, but doesn't necessarily translate into someone being able to do a job. I've known plenty of people who have had MCDBA or MCTS qualifications, and I wouldn't let them anywhere near my database solutions!! Experience and personality I find are more important traits in a person in deciding whether they are capable of managing SQL Server.

And I'll echo what others have said with regard to separating out the technologies. It will be fine for me as I have a hand in both DBA and BI, but that's not the case for everyone. Though I think there are great benefits in having a decent understanding about the different technoloiges SQL Server has to offer, it should not be mandated that you should have a more detailed understanding of all of them in order to get certified.