I passed Microsoft exam 70-432 this week (Microsoft SQL Server 2008, Implementation and Maintenance). With only 40 questions it was a pretty short exam.
If you're going to be taking this exam prepare for a big focus on database security. In my exam there weren't many questions about high availablity solutions like clustering, database-mirroring or logshipping. (Sections that I'm personally more interesting in). Many questions were security related or involed backup and recovery.
And last but not least the exam contained some tricky questions about managing and maintaining SQL Server 2008 using T-SQL statements, so be sure to have some experience on that before taking the exam.