http://www.codinghorror.com/blog/archives/000771.html

"The certification alphabet is no substitute for a solid portfolio; you should be spending your time building stuff, not studying for multiple choice tests. But that doesn't mean they're worthless, either. I don't think certifications get in the way, as long as you can demonstrate an impressive body of work along with them."

I couldn't agree more. I find that there is a misconception MS certifications are software development qualifications. Many budding developers think of this as a must have and expect to get programming skills through the certification program. They fail to realize that the MCP/MCSD/MCPD certifications are product certifications rather than programming certifications.