I don't know who this top-level Grant guy you're talking about is.
I recently interviewed at a company where it was made pretty clear, just how little I know. You're only as good as your experience and the information you've been exposed to. Can I talk to query tuning? Sure. Can I talk to BI data modelling? Uh, no.
I think that's the one, maybe the only, thing that certification gives you that's tangible, and that's exposure to information you might not otherwise have put your fingers into. For example, Jack mentions log shipping. It's not something I've done (well, not since SQL Server 7, when we did it ourselves, not using some fancy tool provided by Microsoft, and we had to walk up hill, both ways, to get it done), so I wouldn't be able to talk to that either.