Yes and no... You really need the knowledge, but even if you have it, with no certification, a lot of doors will be closed to you.
FWIW, I spent 4 1/2 years as a Novell instructor. I've been working with Novell networks since 1989, and I'm struggling to find the time to get my MCSE (I'm already an Novell MCNI/MCNE, Cisco CCNA, Compaq ASP, CompTIA A+, Network+, Server+, and Certified Technical Trainer), while keeping up to date with Novell's new products!
Mark
Mark is exactly right in that tons of experience and real know-how are, unfortunately, 2nd in importance to actually having the certification. At least to the eyes of many employers.
The MCSE has just been upgraded by Microsoft this year, and it is much a much tougher test than what it was previously. It requires more prep to pass, and you do have to actually be proficient in the material in order to pass the exam.
In my opinion, the MCSE from the Windows 2000 track will be much more in demand by employers than the MCSE's from the NT track.
On top of this, you don't have to spend thousands of dollars to prepare for the exams. There is now training available - high quality training - for preparing for the exam for as low as $110. I sell online training, and you can find excellent training to obtain the required skills for literally pennies a day. The author is correct that many companies have (and continue to) run a con job to get folks to pony up thousands of dollars to prepare.
If you want to review quality low cost technical training visit my site:
I'll return to see if there's any discussion and more comments later. I'm late for a meeting.