I have first experience in this area so i kinda feel very qualified to answer it.
Ok,
It depends where you are from and what job you want to do at the end up.
To OBonio - i dont think your answer helps tbh and no a degree isnt any better with regards to employers.
Anyway, in the UK you dont get any help with funding for an MCSE so employers will look at this accreditation with more clout than a degree. I'm sorry to say that the degree is slipping in the world of IT as you are mostly taught old technology.
With an MCSE you will be taught the most up to date technology and they now even have an MCSE upgrade for Vista, thats how much ahead they are over universities.
You can do an MCSE at any Microsoft IT Academy and it will cost you �1200 for the whole course. It requires you to sit 7 exams at the end of it.. I've been watching the job market everyday and an MCSE accreditation can get you an IT managers post in upwards of �35,000 p,a
hope that helps