The MCSE just isn't worth anything these days. I'll admit, I became very proficient in MS technology while pursuing my MCSE, but hiring managers don't care about that credential anymore. Everybody's looking for the MIS educated professional (here inSeattle) MCSE doesn't even show up on job descriptions anymore. If you don't have experience, I wouldn't even worry about either right now. I would suggest donating your expertise rather than educating yourself. Experience is simply paramount.
Ofcourse, this is a rather limited view based on current economic conditions. As the market slowly favors IT again (and it will), certs might once again become a must have item.