I've got some mixed feelings on this one.
The ever changing acronyms do confuse employers. I've met a few that think MCTS is higher level than MCITP. However they all know what MCSE is. So maybe that makes for an easier transition.
I like that the certs are becoming harder to attain. A basic SQL Server certification should IMHO cover administration, development, and basic BI. I like how the new certs take this into account. I do agree though that data warehousing is more a subset of BI and would better be served in a higher tier.
I do think however that at the MCSE level thats the place where one should be able carve out their niche (admin, dev, bi). In the lower tier the basics of all three are already covered.
That all being said, I do think this is a giant step forward.