While it's certainly not a problem to have them, I've encountered many people who were way too proud of having them, and they invariably know next-to-nothing. (I once interviewed a guy who came in for the interview wearing an MCSE lapel pin, had an MCSE binder, and went on and on about how he got his MCSE. That interview alsted the minimum amount of time possible.)

On the other hand, having one can prove that you know more than absolutely nothing and might be able to get you an interview where you might not otherwise have gotten one, especially in a tight job market.

As far as actual knowledge gained from it, regardless of potentially impressing an employer, I'd say that you're better off saving your money.

The point is that hundreds of thousands of people have them, and theyre not going to raise you above the crowd. It's gonna be an employer-by-employer thing as to whether not having one is a drawback.