Probably depends on the company to which you apply for a job -- I suppose MCSD certs might make a difference between two people with equal education, experience, and knowledge. Otherwise they are not of much value. Why? Because people can pass the exams without ever coding so much as a single line of code. Just study the book and you can pass the exam.
Ancient Dragon
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in fact with older Microsoft exams it was often beneficial to not have prior experience with the subject matter because the Way as prescribed by the exam requirements was often contradictory to how things are actually done in the real world, and using anything but the Way to solve the exam problems would lead to failure on the exam (with in some cases following that Way in the real world would not just be inefficient but fatal, leading sometimes to major problems).
jwenting
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