I took my first beta exam last week.  The study guide for 70-431 was pretty good from the website.  I can't go into explicit detail on the exam, but it is what I expected. 

I will be sitting for 70-441 on Friday.  I expect much of the same.  If you haven't read up on the new certification process, I think that you will agree that a change was needed from the 7.0/2000 exams where memorization could get many people through it.  I will give you a thumbnail sketch.  There is a "Technology Specialist" exam that is somewhat more similar to the old exams in that it asks "how" to do somehting rather than "why".  After passing this exam, you are a Microsoft Certified Technical Specialist in SQL Server.  There are then three tracks that you can take - Administration, Developer, BI.  There are two exams for each of these tracks.  Once you complete a pair of exams in a specific track (along with the first TS exam), you are a Microsoft Certified IT Professional in that Track of SQL Server.

There are study guides and assessments online at www.microsoft.com.