Are you a Microsoft Certified Professional (MCP) if you earn a Microsoft Certified Technology Specialist (MCTS)?
Someone joining the program on a new technology will earn an MCTS as their first certification, instead of an MCP as been the case in the past. For example, a never-before-certified person passes 70-236 to earn MCTS: Exchange Server 2007 and become part of the MCP community (site, welcome kit, logo, benefits). This MCTS will have the same access as someone who joined the program three years ago by passing an MCP exam (for example 70-271) to earn an MCP.
One of the good things about this is that it allows you to better highlight what you know. Instead of passing a challenging exam and becoming one of 2 million "MCPs," you pass a challenging exam to join the program as one of 1,679* "MCTS: Exchange 2007."
There are/will be a few instances in which taking one exam earns you neither an MCP nor MCTS (70-536, for example)... in this case passing that first exam gives you an MCP ID and access to the MCP site but you are not eligible for logos, certificates, or welcome kits until you complete your MCTS credential.
People will still earn MCP credentials for the foreseeable future... because many people are still joining the program for the first time on Windows Server 2003 or Windows XP, etc, so their first exam (70-290 or 70-271, for example) earns an MCP.
If you fail your first exam (MCP or MCTS), you should still get an MCP ID--but no site access, benefits, etc.
Did you already know this? Did I just bore your head off?
*I know we haven't updated this page (http://www.microsoft.com/learning/mcp/certified.mspx) since November. Someone is poking around on our behalf, trying to make sure data on the new certs is accurate to minimize freakouts (yours (and mine, resulting from yours)) upon posting.