Should I wait until the Java 5 version of the exam? Quote from Bert on April 2006: "The [1.4] exam will be available and "current" for a long time. There is no plan to update the SCWCD exam, I would guess that the EARLIEST that the SCWCD will be updated is at least a year away. At that point, the current exam will still be available for AT LEAST another year past that."
JEE5 has not updated the servlet or jsp spec, so no
No, it has updated the specs: Servlets 2.5, JSP 2.1, and now there's also JSF 1.2. Aside from the addition of JSF, however, most of the Servlet and JSP changes are minor.