I teach the CCNA part time, I did the CCNP last year and take my CCIE Lab exam in october this year (I also work full time as a network guru)
There have been a lot of posts like this recently, and its really just a case of where you want to go, a lot of people expect the certification to do all the work and expect to get a good job because they're a ccxx. This did used to be the case but in the last 5 years the certification industry has taken a hammering with foreign braindumpers and as a result some employers are steering clear of people with "CCNA, CCDA, CCNP, CCIP, CCSP" on their CV as it looks suspect.
You have to take a look at what you want to achieve, if you want to work in networks then Cisco is a great route to take, not only because a lot of places use Cisco gear, they teach a lot of theory and IETF and standards technology, not just Cisco specific. Also if you have been on Cisco training, you are useful because you can actually configure the kit to a basic degree.
I think that the certifications are definitley worth having as they show you have a level of knowledge, but certs are completley useless without any experience, a CCNA may help you get a very low end networks job for which you could get experience, but it would be low paid. a lot of people would be annoyed by this but they fail to realise you have to start somewhere and the next job you'd double your salary.
The problem is in the last few years networks have quadroupled in complexity due to demand, security and growth, there is a huge gap in the skills set of most engineers, the average medium sized network will nowadays contain a reasonable amount of multilayer switching, ip routing, qos, VPN, tunneling, ip telephony, multicast.. All of which are way beyond what CCNA can offer.
the crux of what im saying is that you need experience, or no one will hire you.
If your gonna go down the route of getting a cert be it the CCNA or CCNP, go ahead but the effort spent getting the certs will be required again in getting a job, and as I said above it won't be well paid to start with. It is right that a lot of people don't do the courses nowadays, but with all due respect all they do on courses is read whats in the book to people, and some hands on labs, all of which can be used online for £10 an hour, as opposed to maybe £2k which might be spent on a course...