Well, I don't have a degree, it seems most employers want a BA in CS or MIS without CERTS or CERTS with a BA and some intense experience in SQL/ORACLE or informix....id say they are overrated but if it will get me in the door, I will surely get my MCDBA or ORACLE certs
With the new version SQL SERVER 2005, the technology on the SQL Server side has changed alot.
To have a certificate showing off that you know and capable of these new enhancements is a good thing, I believe.
Actually, I do not know how much a certification may affect my income, but I do not care much about that.
Microsoft certifications has increased in number and in quality with 2005 editions of SQL Server and .NET. This means a lot of certification paths has come to live in both software development and database administration branches.
SQL Server also has BI (Business Intellegence) certification paths which I found it necessary. BI exams includes OLAP, Data Mining, Reporting etc.