The idea of certification becoming the IT worlds equivalent of a doctor's license to practice medicine is an interesting one.
I think certification should be levels of certifications i.e. MCDBA grade one would be your bog standard DBA, Black Belt 8th Dan DBA could probably interpret a hex dump in Bengali between sips of coffee, whilst nursing a serious hangover. i.e. Not all MCDBA's are equal and the qualification should reflect that fact.
When I first went to college (at the tender age of 17). I found that each college promised that employers were clammering for graduates of their courses.
My experience showed that most employers had only a vague notion of what my eventual qualification entailed. I suspect that it is the same with IT certification. Unless you are working in a big IT shop where the recruiter has gone through the process themselves I don't think employer awareness is particularly high.
I think MEANINGFUL certification is worthwhile, but too be honest I have enough self confidence to know whether or not I can do the job. I see the current certification scheme as something to reassure an employer, or to be brutal, to boost the self confidence of the people who take these exams.
My 2 main gripes with certification are:-
1. IT products tend to be short lived.
2. Unless your company pays for it, training and certification are (in the UK) VERY expensive.
For example, 2 SQL courses would cost £3,000. If I fund that, I have to explain to my wife and kids why they can't have a summer holiday for the next 2 years.