Yeah i'd say that almost 1/2 the people out their with "IT certs" haven't actually studied for them. Instead they've gone and got TestKing, Pass4sure or one of the many that are out their, learnt the pattern of the question & answer sat the exam and passed witha very good score!
Boot camps are just as bad if not worse, a friend of mine got sent to the US to do a 2 week boot camp - In 2 weeks he went from having no formal IT quals & only a small amount of experience to being an MCSE +Messaging +Security
I know my current employer doesn't value IT certs they want hard experience and that's all.