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As already stated, degree is way more important than certs. Alot of places won't even consider you without the degree.
IMHO, the MCSE is particularly diluted from the "cert mills" that churn out clueless MCSEs. I think for many in the field, "MCSE" and "paper MCSE" are considered to be synonyms. Not fair, but....
However, some employers require the MCSE, so it is worth taking.
I have 5 certs, and none of them is an MCSE, even though I'm a microsoft guy. Why? cause it's a whole lot of tests for minimal benefit. CCNA is one test, and seems to carry as much weight (when you look at job postings, etc).
I'm still planning on doing it someday, but I may never get around to it. Just not worth the time and money to me.
If you want to learn the stuff, the MCSE may guide your studies. Just don't expect too much from being "certified"
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