@evildictaitor: Kinda, I agree.

If you want or need some motivation to work with the areas covered by the various certs, it might be worth it, though.  Me, personally, I'd rather worry about what is required for the job and/or interesting to me.  While I was 'on the bench' recently, I was able to start working on the 70-536 which is the generic .Net starting cert that'll take you into other specializations.  I honestly did learn a few esoteric things that would likely never have come up otherwise, but the training/books/tests were godawful boring.  Unfortunately, we are strongly encouraged to take the cert tests, so meh.

As a side anecdote, every interviewee I've seen that talked a good game but couldn't code worth a crap had lots and lots of certs...