yup it's ironic that the day it came in several of the high flying account managers failed it first time, some daren't even attempt it until they'd used the online university either.
I passed first in the world the day it came in.. YAY..

got a bag and some crayons for doing so ... like umm BOOO and WTF!?
but as frostie says there's not much of a value perception to it really in the industry as some of the people who have passed display a complete lack of awareness so as a result now it's not technically worth the pixels it takes up on the page as far as peers regard it I think, however unknowing merchants would be impressed by the badge on a site no doubt and it would offer them reassurance the company knows what it's doing. (and hopefully it does)
Following on from frostie educating a network, i've one better than that !.. I actually saw an email where an adwords rep told a collegue he'd be best not using phrase and exact variaions of a keyword as broad would catch it all! :eek: ..ok technically true but another HUH !? moment so why bother offering phrase and exact then ?!? lol
The test is now quite inflated, covers areas 95% of users will probably never use and is full of ambiguous questions.. ie. which one of the following can lower bid price.. and then after reading it's feasable that say 2 or 3 could do it..
I guess you'd expect specialists to be qualified though so it does have it's uses, although perhaps actual account evaluation may be a better way.. i.e run x accounts totalling £x and demonstrate CTR improvement over a given period, CPA reduction etc.. that'd be worth more as it's a real world excercise.