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From the point of view that CWNP certs focus on enterprise WLAN, SOHO WLAN technologies such as WPS may weigh less. But some security measures like SSID cloaking and MAC filtering are still covered in the current CWSP study guide, though they are not suitable to use in the enterprise environment.

So I'm with Wlanman09 and David: A simple understanding of WPS is something that most WLAN professionals should at least store somewhere in their brains.