I see it this way, Having certs does not make you an expert – we all know that – experience is far more important.  However, I've worked with some real losers who have worked in IT for years but are absolute cowboys!  Many of them couldnt get a cert to save their lives.

So personally I think a combination of certs and experience is your best bet. 

Certainly in the UK agencies and HR departments often ask for certs for screening CV's/Resume's.

In fact I heard from a friend recently that when the 'vendors' put their exams together they often have a guy there who is a professional exam taker (there really is a job for everybody).  He knows nothing about storage or IT in general but can breeze his way through the initial exam material.  He then helps them make the questions tougher for people who are good guessers.  Apparently even by the end when the exam is ready for publication he can still usually pass.

I personally have quite a few certs, although I certainly dont frame them and hang them on the wall