I recently passed exam 70-523 to earn my MCPD .NET Framework 4 certification.  The exam covers a fairly wide range of topics and the following provides an overview of the sections to expect on the exam.

There are 5 seperate tests that you will take during the exam and this includes one real world scenario statement follwed by 6 questions on the requirement statement.

The tests break down into the following:

1. WCF with .NET 4 - approximately 20 questions
2. Web Application development with .NET Framework 4 - approximately 20 - 30 questions including topics on MVC and Web Forms
3. Accessing Data with Microsoft .NET framework 4 - approximately 20 questions including topics on EF, LINQ, and DataTables
4. Designing and Developing Web apps - 20 questions + the real world scenario statement & quesitons

The exam was moderatly difficult but if you have about 1 years experience in .NET 4 including MVC, EF, LINQ, and WCF, and jQuery you should do OK and no need to get a vce or brain dump or anything like that.

Some additional resources I found helpful:

http://gregorsuttie.wordpress.com/2011/01/01/net-upgrade-exam-70-523/

http://www.microsoft.com/learning/en/us/exam.aspx?ID=70-523#tab2

 Good luck!