I never took seriously certifications or people with bunch of certificates.. probably from practical point of view - if there is no demand for it - no need to waste your time :), point is that certificate is not always indicator of your real skills - it's just indicator of your ability to prepare and successfully pass exams on defined subjects.. and probably measure of your efforts to achieve something. As a manager who did number of interviews during the personnel recruiting process I've got prove of concept.. but anyway it's my IMHO.. in real life we should play in game by rules set by HR people and certifications can play vital role in your career, so it's worth it, millions of people are doing IT ;).
In April 2010 I got information about new .NET 4 exams from Microsoft - it's was beta exams, which means they was free of charge, available between the dates of March 31, 2010 to April 20, 2010, had more questions (125 - 150, normally 40 - 45) and two hours to complete it... At that time Composite A/S and myself, as a part of the team, keep active work with new .NET 4 and at home I've played a lot with ASP.NET MVC.. and I've decided to try with exam 70-515 (TS: Web Applications Development with Microsoft .NET Framework 4) .. spent one week for preparation (due to time limit) and in June 2010 I've finally got my certification results and become Microsoft Certified Technology Specialist. Besides cetificate I've learn a lot new and interesting things, so at the end - I'm happy with results of my efforts.
This is my first and last certificate for this moment.. probably one day I'll decide to continue this interesting game, but now I'd like to focus on something else :)