Hi guys.
I'm a VB6 MCSD (finished 10/02), and I've moved int a new project management - thanks in large part to the MCSD - so I'm not sure if I'll upgrade to .Net any time soon. I was only 1 test from my MCDBA when this position came along, but I devoted all my energy to project management methodology, and doing everything in a more structured, documented fashion than I did as a programmer. I may even get the IT Project+ from CompTIA at some point.
Also, (and don't tell Bill Gates) Micro$soft's decision to make the premier designations - as opposed to the MCP - permanent takes some of the urgency away. I had gone pretty far into C# and was going to 'upgrade' to the .Net certification, but I don't know if I'll do it (am I going to go back to being a programmer, which I REALLY liked, at any point in the future?) any time soon.
Good luck at whatever you decide. There are still only about 45,000 MCSD's and I found it to have a lot of value.