I have to agree that the MCAD / MCSD really isn't worth the paper it's printed on. I will also say that I have both certs, being a Charter Member of the MCAD as well.
You're far better off in my opinion to get a Computer Science degree (Bachelors or Masters) than to get certified. One exception to this rule are those people who work for companies who want to become gold partners (or whatever its called) with Microsoft. I
think they require people to actually have the certs. Then, it's probably worth it for job security.
But to have a developer certification that doesn't require you to write code (just look at code), really isn't that valuable, IMHO.