This is off the top of my head, so there will probably be a lot of implementation problems, etc. with the idea, but here goes.
Microsoft needs more levels for the "Server" certifications like SQL Server, Exchange, Windows Server, etc.
Right now, they have MCTS (relative newbie) and MCITP (slightly further along) and then MCM (Way, way above MCITP). There needs to be a more of a continuum. I think that most of the MCTS and MCITP exams could be passed by studying a book alone.
I have been working with SQL Server since 6.5, and I'm far from an expert because I have to get work done. I think that there is a lot of value for people just starting to be able to get an MCTS by reading a book and playing with trial versions of software.
Microsoft needs to innovate and come up with a way to cover intermediate learners. In most of their official circulum they seem to treat everyone as a beginer, and their certifications (excluding the MCM) reflect that.
I have a lot of certs and a lot of time in grade, but there are whole areas of the SQL Server product that I couldn't answer questions about off the top of my head. I'd hate to get dismissed as a know-nothing cert holder simply because I have some certs and can't answer a question about a feature that I haven't used.
Anyway, long story short, I'd love a certification track from MS that followed more of a continuous improvement model, instead of every Database Administrator cert asking the same questions about t-log vs. differential backups, etc.
MCSE (2000), MCDBA (2000), MCTS (SQL 2005), MCITP (Admin, 2005, and a couple of other vendor certs I can never remember...