As people involved on the certifications roadmap, Microsoft some months ago has launched its new track for the .NET certifications (MCTS,MCPD etc.), all based on the new .NET Framework 2.0.
Actually we have lots of exams just released and also lots of exams that are again on the beta stage.
Yesterday, Microsoft has officially released the RC1 of the new .NET Framework 3.0, (formerly known as WinFX), that will be the new managed code programming model for Windows. Using Microsoft's words "It combines the power of the .NET Framework 2.0 with new technologies for building applications that have visually compelling user experiences, seamless communication across technology boundaries, and the ability to support a wide range of business processes. These new technologies are Windows Presentation Foundation, Windows Communication Foundation, Windows Workflow Foundation, and Windows CardSpace (formerly code named "Infocard"). Microsoft plans to ship .NET Framework 3.0 as part of the Windows Vista operating system. In addition, Microsoft is making these technologies available on Windows XP and Windows Server 2003.".
All good... 
but there's a question that comes in my mind: is the new .NET 2.0 certification track old before its born?
From .NET 1.1 to 2.0, there's not a big revolution on the programming model compared to what will be the step from .NET 2.0 to 3.0. So, it's a reasonable thing to expect new .NET 3.0 certifications after the launch of Windows Vista and the new .NET platform I think. The new programming model involves a real revolution on many aspects and having people with the right skills is important, more than having people certified on .NET 1.1 and upgraded to .NET 2.0.
Is this "jump" really important? If you're an MCP,MCAD,MCSD certified for .NET 1.1, is really important that you upgrade your certifications to .NET 2.0 or it's better to wait for the jump to .NET 3.0?
I think that all these questions have a bit of sense and many of you has just start thinking on this. However, there's a clear fact that Microsoft will have lots of difficulties to align its .NET certifications tracks to the actual Framework's evolution.
So, what could be the response? I think that you've to think to your customers and put yourself in the condition to give the best services, compatencies and support they need. Certifications must reflect the competencies you need to give them and thinking on this can help you to do the right choice (and the right certification path).
In the future could be extremely interesting to have certifications tracks more "platform independent": having a MCTS or MCPD track that will permit you to mix future exams with the actual exams could be an help to avoid the chaos that we could have in the (not too long) future.