Gee! This question reminds me of the intelligence regarding "gut courses" that we used to exchange off the record when I was an undergraduate student, 30 years ago. That said, my next question is: which MCSE? There's now an MCSE on Windows 2000 and another on Windows Server 2003, you know. But since the latter set of exams is not yet available, I'm guessing you're asking about the electives for the Windows 2000 MCSE.
If you check exam difficulty ratings at a site like CramSession, you'll see that none of the 20-odd electives for the MCSE gets a rating of less than 3, indicating "medium difficulty." I've taken or written about enough of these exams to say that none of them is terribly easy, but that 70-227 and 70-218 are among the most popular. The benefit of 70-218 is that it may qualify you for an MCSA along the way to your MCSE, while 70-227 has the benefit of support from several great study guides on that topic.
This was first published in March 2003