Copied from a Microsoft Forum, I just wanted to paste it because it explained everything really well.
"MCSA and MCSE will end with Server 2003. The exams will be around for a
long time yet, but there will be no MCSE for Server 2008. Many
organizations will choose to stay on 2003 domains for quite some time. Some
day MCSA and MCSE will be meaningless, but they will never retire or expire.
Starting with Vista and Server 2008, the new structure is MCTS (Technology
Specialist) for the base technology, and MCITP (IT Pro) for the job
functions such as System Administrator, Enterprise Support Tech, etc. MCTS
will expire when support for the technology retires, and MCITP will be good
for three years, and must be renewed (details on renewing MCITP
certifications is not yet available).
The path you should choose is only a question you can answer. Who will you
be working for, and marketing yourself towards? What is your experience
now? Do "YOU" see value in MCSA/MCSE 2003 for yourself given your situation
and where you are?
For more information concerning all of the available certifications, see
www.microsoft.com/learning "
Ask Mak and everyone else has said you need to do what is best for you.