The only thing a certificate seems to be good for, is to increase your chance of getting an interview.
Especially if some HR department pre-screens resumes of applicants, listing some certs makes it a little more likely for your resume to end up in the pile that makes it to the hiring managers.
But since a certificate still doesn't really prove that you know what you're doing (Quite a few people that have these certs simply crammed the answers to the tests, passed, and won't recall a thing a week later. sometimes those folks are referred to as 'paper' MSCE's -- you got the certificate, but it isn't worth the paper its printed on. The MSCE certification got a pretty bad rep during the NT4 days, although it's a little more solid again with the W2K/XP/W2K3 certs).
Still, there are some 9-year old MCSE's and MCP's, and at least one 7-year old MOUS (Microsoft Office User Specialist) out there.
Anyway, the real value of a certificate depends greatly on who you ask. To some managers, the universe revolves around certificates. To others, they can even be considered a
negative if you have certification but little real-world experience, since that can indicate that you're into it for the money rather than the love of the field. Many a 'tinkerer' can be a better asset than a 'certified professional' who won't even touch a computer while off the clock.
A proven track-record of real-world experience can often be much more valuable to an employer than a piece of paper from microsoft saying that you crammed well for a test. Working your way up and getting some good references along the way can go pretty far.
(I don't have any certs myself, in case you're wondering, but have managed to get chosen over quite a few certified people over the years)
For some very elaborate discussions on this exact subject, check out this link:
http://ask.slashdot.org/article.pl?sid=05/08/26/1739234They posed the same question on slashdot a while back, which resulted in a pretty major thread with 1,100 comments.