As someone with a number of certifications (some for SQL Server) and a former hiring manager, I have to respectfully disagree. In my view, certifications represent a broader measure of one's willingness to spend considerable time pursuing a subject and their ability to follow through on it. The view that they guarantee some technical proficiency misses the point. Although I think they provide an excellent opportunity for strengthening knowledge and skills we already have and for exposing us to things we might not otherwise be exposed to. I’ve known very good developers who have no certifications, and I’ve known others who have them that weren’t so good. I’ve also known plenty of doctors, lawyers, engineers, architects, etc. who weren’t worth their salt. But that doesn’t mean I think they shouldn’t need to demonstrate some level of mastery via schooling and certifications.

Regarding Microsoft’s certification programs specifically: I’ve found them to be generally very good. I’m working on an Oracle certification currently, and the training materials just don’t seem to be quite as good.