Shame to see it go. I've been certified with them since 2000, and the MCM for SQL Server was definitely a title I'd not have mind pursuing.
I agree with some of the sentiments voiced in the other article's comments in that the MS exams tend tor ely on a lot of memorization (Who really knows the exact syntax to set up some obscure task that most would hardly ever touch?), and that's been one of my main gripes with the exams (the other being that the official MS study material hardly ever helped to properly prepare for an exam. I tend to rely on Wrox for that).
However, the SQL exams at least did seem to be targeted at understanding what specific solution would work best for a given situation. Granted, some of the example use cases were far-fetched (some downright stupid), but any DBA worth their money would not ave much issues passing those questions purely on experience. I know I did, and to me as a contractor, it made a huge difference being certified.
I guess the new SQL MCSE is where the buck stops for me. Shame. Let's hope something like MCM comes along again at some point in the future, as MCM for sure was no easy feat to achieve (albeit, overpriced).