I took my first MCTS exam (application foundation) last Thursday.  It was actually a lot tougher than I expected but what was interesting was that in many of the questions, you could eliminate 2 of the 4 choices almost immediately.  Given that you only need a 700 score to pass, and you already have a 50% chance of getting each question right, the odds are in your favor of passing (understanding the basics are very essential - such as knowing how to use a MemoryStream).  If you've done a couple of projects in .NET, you should be half-way there and you need only study the parts which you haven't used on a regular basis.