Good one David! Lets keep it that way! I would hate to see the VCP exam turn into another paper certification like the MCSE has become. At the moment it is still a well respected qualification because it is known in the industry for its integrity...long live the VCP certification!!! 
Well, I am taking the plunge tomorrow morning after putting it off for a few months (I hate keeping up-to-date with certs!).
I feel I know the product(s) well, but I have a crap memory...that's why they call it "reference material" IMHO ...anyway, that's just an excuse isn't it
Wish me luck.
Dave
Well there is always the agrument that any test which quizzes you purely on factual knowledge is pointless since in a real world situation you will always have material to reference (books, WWW, these forums, colleagues etc.). How many of us have come across an issue and not immediately seached the web for someone else who had the same problem (and usually found the answer a damn sight quicker than you would have got it working in isolation)?
I understand people need to demonstrate a certain level of knowledge of a product (I need to keep my certs because I work for a VAR and I like to keep my CV valid ), but a more useful exam would be testing you on scenarios or simulators rather than just ability to remember facts (the Citrix exams used to be shocking for this, does anyone really need to know the minimum memory required to install a server, you can find that info in about 1 minute if you want to).
Anyway, I have my VI3 exam booked on 14th December to upgrade from version 2. Here's hoping it goes better than my colleague who has attempted to sit his SBS exam three times in the last week at the same testing centre and each time the test machine has broken down. In fact he is re-sitting on the same day and time I am doing mine, hope this isn't a bad omen...
Cheers,
Rich