Thought of outlining how I'm preparing for the (70-315) Web Applications exam.
Step 1: I started out by reading the three recommended MOC courses (ASP.NET, ADO.NET, Upgrading To ASP.NET). One advantage that I have being an MCT is that I can download the Trainer kits for all the MOC courses.
Step 2: I tried one of the Transcender exams and scored 820/1000 which was a fail (850 was the pass mark) but hey I'm happy. Usually the Transcender exams that I have taken are very much harder than the final exam but this Transcender was much easier. Which means that either this particular Transcender exam was not tough enough or I have really studied well ;)
Step 3: Right now I'm going through the study guide over at Cramsession, this is sort of a revision of all the areas that I have covered, once I have done this I will try to skim through Tim's 70-315 links and spend some time reading areas that I am not sure of. After that it will be a good dose of Transcender exams before I take the final exam in two days time. If you need help studying for your exam then consider getting a tutor.