You’re correct about the paper MCSEs, which actually started out as paper CNEs. Having taking both tracks AND as a Cisco CCNP, I can say that the Cisco test is hard compared to Microsoft. Hell, if troytec is still in business, just go there to get the answers.
I'm not saying that everyone who HAS a cert is useless. Unfortunately, in a lot of cases when on a job hunt, they're a necessary evil to have to get past HR.
I'm just saying that the certificate itself - for those people "in the know" - is useless. When interviewing, people throw a whole lot of acronyms at me and I always say "Well, that's nice. But what do you REALLY know?".
FWIW - I picked up a couple of tests back in the days of NT4. Haven't had to bother with anything else, luckily.
Also, congrats on the Cisco cert. From what I’ve heard, that’s one of the few left that are worth something. Is a full-day practical still a part of the test?