Hi Chris,
Yes this can. If you sit 70-680 this can go towards your MCSA and MCITP. The one exam will be valid for both.
When you have completed this it will list all the certifications this can go towards in your learning path's at mcp.microsoft.com
You can use this 1 exam to count towards MCSA 2003, MCITP Windows 7 and MCITP Server 2008.
Once you have the MCTS certification you can count this towards all higher level certs that require this, not just one.
http://www.microsoft.com/learning/en/us/certification/mcsa.aspx#tab2
Jarad, Brisbane Australia