I have to say that the MCSE has really helped me in the field. There are still a lot of hiring managers that look for a specific set of requirements and that is all - but you still need the knowledge and expierience to back it up. I will admit that I did learn quite a bit in the classes and would not trade it for anything, but it is SOOOO much more important to have experience to back it up.

If you are planning on working for a reseller / VAR / system integrator the Microsoft certs carry a point value when it comes to re-certifing for your partner level, so to a Microsoft Partner MS certs can be VERY important (a good way to get an entry level position with a Microsoft Partner.)