I'm an employer and I recently interviewed a good looking candidate. His resume said all the right things. He indicated that he was a MSCD and MSDBA. Someone indicated that the certification eliminates the need for the basic questions. I would have thought so too BUT, I decided to ask a couple anyway. This guy couldn't answer basic questions on:
Nomalization and Denomalization
Indices - PK, FK, Clustered, etc.
Tuning - Profiler, Query Analyzer, Etc.
Cursors - Types, Why not use them, Etc.
I have a standard test, which tests design, maintenance and coding. He failed all of it except the coding. It seems he may be a fair developer but he didn't know squat about SQL Server.
In my never to be humble opinion, the only value in getting certified is personal. It will show you what about the product you don't know and therefore make you a better professional. Don't look for more money until you can turn that knowledge into practiced wisdom. Then your experience should be obvious and the pay should follow as well.
Just my two cents.