According to this article and other sources, the current Microsoft certifications, such as MCSD, MCSE, an MCDBA, will be retired (or at least no longer offered) around September.
They will be replaced with 3 levels of certification:
Tier 1: Microsoft Certified Technology Specialist
Tier 2: Microsoft Certified IT Professional & Professional Developer
Recertification will be required to maintain status at this level.
Tier 3: Microsoft Certified Architect
A board-level certification that requires recertification.
Additional blog post on the subject is on here.
As I post, the Microsoft certification page does not specify that any certifications are being discontinued, so the official story is not available.