It's true that a lot of job adverts and agencies ask for MCSE as a requirement and as an added advantage, but I have to say, I would often spend more time studying experience on a CV when I have shortlisted.
We've had some MCSE's (that I didn't recruit) who have been shocking in front of a fundamental real world server fault.
Having said that, some places do a practical test so it's not all interview, but there are some exam crammers out there give the time served specialists a bad name!