Correction as of 1/02/2002:
It looks like MS has made a change of policy since the time at which I posted that reply. If you visit the Web page, it used to exclude both 70-058 and 70-240 (which never made sense to me, since the latter exam replaces 70-210, 70-215, 70-216, and 70-217, all of which do count) in the "Note:" section. Despite showing a posted date of 8/2/2001, this does not agree with what I read in early December there. My apologies for any confusion this may have created.
As I recall, MS's original thinking on the topic was that since 70-240 was a no-charge exam to those who'd already passed 70-067, 70-068, and 70-073, it wasn't necessary to grant MCP credit for the exam. I'm glad to see that MS has changed its opinion on this subject.
Thanks to alert reader Paul Leon for bringing this change to my attention. Sorry for any confusion my earlier answer may have created. We can always count on changes from Microsoft!
Current MCP requirements are documented on the MCP certification requirements page. Look this over, and if it leads to additional questions, please e-mail me directly at email@example.com; I'll be glad to field any further questions or concerns on this topic you may have.
The short answer to your question is: "Passing any current Microsoft exam, except for 70-240 qualifies you as an MCP."
This was first published in December 2001