How soon do you need to be able to tell prospective clients/employers that you have your MCAD cert and do you expect your clients/employers to be early adopters on the .NET 2.0 cutting edge? If you want to earn your MCAD anytime in the next 12 months, waiting for 2.0 isn't an option. If you expect your employers/clients to need you to write 1.x code for the next 12-24 months, that also points to getting the current cert now rather than waiting.
Senior Acquisitions Editor
Wiley Technology Publishing
Jim's Book of the week: ASP.NET 2.0 Beta Preview