In 2002, I wrote an article about the value of certifications (see http://www.rtek2000.com/Good/Why_we_have_to_fight_with_hypes.pdf). It is still viable. Read the article, and you'll understand who **actually** benefits from certifications.
Until 2007, I disregarded any additional cert (and I have a few) but I have decided to pass the CISSP exam. 4 months of heavy studying not to mention the cost of exam (one of the most expensive!), and after all I realized one more time: certification itself does not bring the value without a very particular experience that employer wants to see in addition to your cert.
Yes, the study itself is useful and expands the area of knowledge, but it stops there.
An old article proves it.