Actually, you've got it only partially right. CompTIA exams can replace electives for the MCSA, not for the MCSE (at least, not as far as I can tell). For the MCSA, you can use either the combination of (A+ and Network+) or (A+ and Server+) to replace the single MCSA elective. So far, MS has not indicated that the same courtesy will be extended to MCSEs.
This was first published in December 2001