can anyone comment on how useful / valuable having microsoft certs ie mcse, mcdba , and so forth are?

I would say it depends a lot on the employer and the position you are applying for. Personally I have seen way to many people who aren't qualified to change a light-bulb but have an MCSE, etc. I greatly prefer people who have the ability/desire to learn on their own. There are a variety of activities that you can list on a resume that show that type of drive (open source projects, classes taken at a real university for knowledge after you have a degree, very broad experience outside of your main goals/work history even if it isn't very deep, experience with an obscure OS, etc.) any one of which would mean a lot more to me than a MS cert.

The MCSE may get you past the HR department, but (I would like to hope at least) your real qualifications will be more important to your manager.

-Mike