I wrote this as a comment in response to Dries' post about the Acquia certification program - I thought I'd share it here too. I've commented there before.
I've also been conflicted about certifications. I still am. And this is because I fully appreciate the pros and cons. The more I've followed the issue, the more conflicted I've become about it.
My current stand, is this. Certifications are a necessary evil. Let me say a little on why that is.