I'm interested to know how many people have completed any of the Microsoft exams/certifications ?
I've got about 12 down (on the .net side I've only taken the C# Web and C# Windows exams) but no qualification as such. I think at one point I worked out that if I just took three more exams I'd be an MCSE, and MCSD and an MCDBA, but I couldn't be bothered. I didn't take the exams to earn qualifications.
On their own I think the qualifications are close to worthless. The exams themselves test if you can "learn by rote" and that's about it. I've passed each one with a good score on first pass. To pass one you just need to swot for a week and then 4 weeks later if you took the same test again you'd probably fail.
What the STUDY MATERIAL for the exams IS good for is getting you a broad overview of a new subject. Most of the training kits are a good way of getting into a new subject, and I take the exams as a sort of self-test to see if I've understood the broad concepts.
When interviewing the only interest I have in candidates who have the qualifications is if they've done them in their own time and at their own expense - that indicates someone quite passionate about their work and prepared to "go the extra mile". Experience is what counts but if I had two "equal" candidates and one had MCAD/MCSD done in their own time and the other didn't I'd probably take the one with the MCAD/MCSD.