I've pursued various Microsoft certifications over the years, starting with the MCP, and then acquiring an MCSE and MCDBA.
My motivation in pursuing these certifications was that they served as a destination of sorts, motivating me to learn products and technologies to a breadth and depth that I wouldn't have otherwise.
The knowledge has proven very handy: Even when I serve in a development/design role (especially when I serve a development/design role) the information gained is critical in making appropriate decisions. When I serve leadership and advisory roles, again I'm glad that I spent the time going through every esoteric option and alternative, because the knowledge does help to head off misdirected initiatives and wasted effort.
For those who think "Oh, but I know all of it anyways. I am a Linux super-guru and thus I can achieve anything on the Windows platform with ease". I've heard this sort of boast before, and the results weren't pretty. Go to the Microsoft certification site and take some assessment exams - you might be shocked. The platform is absolutely huge, and it is remarkable how much of it doesn't gain our attention or focus, yet it can help us make better apps, and deploy better solutions.
"If you're a software developer and development manager, why did you get administrative type certifications?" some might ask. Very good question, and the answer is found in the paragraphs above - I dealt with the coding side all day every day, so I didn't see as much of an advantage focusing on an area that I know so well (basically it would have been hundreds of dollars for Microsoft to anoint what I'd proven amply in the field), while I (like most development focused people) didn't really pay enough heed to the platform side of things. Now that I am often called upon for platform consulting as well, it was a nice foundation to build upon.
Nonetheless, now that Microsoft has revamped their certifications, I've decided to upgrade to the MCTS: SQL Server 2005 along with the MCPD. I had hoped to get the MCTS out of the way, but it looks like the exam isn't available yet (despite a November 2005 timeline). Alas. Already it has encouraged me to focus on esoteria of SQL Server 2005 that would have gone ignored.
And for those who protest "But I don't have time! I'm a very busy person!": You could very well be running to stand still. It is an epic problem in this industry that tremendous effort is expended because people don't spend enough time on the skills side of things, focusing all of their attention on the application side.