I used to work for an outfit that insisted everyone was certified in everything. The qualifications (MCSE/MCSD, Novell and Notes stuff) meant nothing really as we had people who knew nothing at all about the products but who knew how to pass the exams (and did so with monotonous regularity!).

None of the exams I ever sat were really technical, they were marketing material instead.

My current employer sees no need for me to be certified as I prove my value by my results and I'm happier with this approach.

That said, I have no qualifications of any sort but am still considered to be good at my job by my peers. Isn't that better than any piece of paper?