I've recently got my MCSA 2003, it took me about 6 months studying in my own time, after work.
MCSA is 4 exams of which 2 exams are core (70-290 & 70-291)
MCSE is 7 exams of which 4 exams are core (70-290, 70-291, 70-293 & 70-294)
When Server 2008 is well established I will upgrade my 2003 MCSA to a 2008 qualification by taking a further 2 upgrade exams, to upgrade a 2003 MCSE is 3 upgrade exams.
Regardless of which path you choose (Microsoft , Cisco) only advice I can give is take your time, setup a virtual enviroment to practice on and DON'T pay £1000+ for an accelerated course. These courses basically cram you with practice questions that are almost identical to the actual exam, you end up passing without gaining any knowledge.