Passing this exam gives you MCTS – SQL Server 2005 certification. It’s a prerequisite for the MCITP: DBAdmin cert, but it’s not an elective for MCPD (unlike the 70-229 SQL 2000 exam for MCSD).
The Transcender test is available on DEVEXAM, and it’s helpful. It includes simulations that work like the ones on the actual test. I also used the ExamCram book by Thomas Moore, which had good test-specific material. I’ll pass it on to Mark D. for the Dev library.