I'd just go for whatever one you know the most about already. Places that require that just use it as a baseline for staff. I myself have no MS certs yet have been a network admin for 6 years and done everything from nt4 thru 2003 and most all of the MS products. Learn to network with people and try and do as much stuff as you can. There are usually two schools of thought on all this cert stuff. Some require it and some would take someone with experience over someone with a fresh new paper MS cert.
Anything with exchange for a new person will be tough. 2003 and IIS6 have also changed things.
All these vendor certs are just knowing their answers to the questions and not what necessarily works and is done in the real world.
Only certain test will give you mcp. it has to be one of the core 4 for you to get anything . exhchange, IIS are electives and dont give you squat without other tests being taken. if you want an MCP quick take 2k pro or server wichever you think you know best, both are pretty easy, also go here: http://www.mcsebraindumps.com
find the dump for the test you plan to take and just read/memorize the questions. guaranteed the majority of the questions on the test you will find in these dumps.
Ive been in IT for about 7 years, I personaly dont think highly of the mcse/mcp status because the market is flooded with them. But I do hold them simply because some employers like it and i like being marketable....