I agree completely on the non-master certs. I feel they can be valuable for someone with little or no experience as you get at least a bit of a leg up against other inexperienced SQL professionals, but see almost no use for them for anyone with 3 or more years experience.

My friend recently asked if I wanted to run through the 2012 certs, something like 7 books and tests, and I didn't really see the point in it. I think I'd rather spend that time on a master's degree.