I've paid my dues ($18,500 worth) and will be entering the September 12 - October 1, 2011 rotation for the Exchange Microsoft Certified Master program in a few weeks.
There's quite a bit of prep just leading up to the class. For example, here's the current pre-reading list that you're expected to have read and understand before you even attend the three week course. Plus you need to arrange for travel and hotel while you're there.
I will be staying at the glamorous Homestead Suites - Redmond, which sports a two-star rating, queen size bed, kitchenette, work area, and paper-thin walls. Not like I plan to spend any time there except to (hopefully) sleep. I've been promised 10-14 hour days of cranium-stuffing information 5 days a week. That leaves the weekend to... Study more! And do laundry. And study. And prepare for the next exam.
To get a leg up, I'll be reviewing the pre-reading list, above, and studying the Exchange 2010 SP1 Transport Pipeline.