IT stuff used to be "new" to most people in the industry. Certs were a quick way for companies to make $3-5k/week per person taught in prep classes. Companies that didn't know how to hire technical staff relied on how many certificates people had since most of the admin products weren't covered by university degrees.
Things aren't much different now, but technology has somewhat hit a plateau. If you consider there were the COBOL programmers, Unix guys, etc in the 80s....then C programmers, Unix guys in the early 90s....then Java Programmers, Linux guys/Visual Basic, Windows Guys...in the late 90s. Now it's a mix of high level languages like C#/Java/Dot Net. The OS and basic hardware certificates are pretty useless. Real companies typically buy support with their servers and desktops...most come with options for onsite tech support...so hardware isn't rocket science. It's swapping out stuff.
Microsoft certs are valid if you are a domain or exchange admin (which most orgs need). Aside from that, if you are a load balancer guy, virtualization admin, or network admin...it wouldn't hurt to have certs or at least attend training occasionally from F5, VMware, Citrix, and Cisco.
No need to actually have the certificate if you have an understanding of the product and know how to RTFM.