I don't think an MCSE will ever hurt. However, an MCSE without any practical experience is both a waste of time and money. Nothing works in the real world like Microsoft preaches, anyways. However, I feel that solid experience combined with one or more of these trendy cetifications can set you apart from another person when it comes to getting the job you want. Understand, though, that no matter how much the company's marketing dept. tries to push it...getting some letters after your name will NOT guarantee that you will make $100,000 a year with an included country club membership. That is not reality. Most can use it as I did, to get a second or third interview and the ability to sell yourself and your ability.
Come on guys....it's all ball bearings these days.